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HomeNewsStartupsNanoSphere raises $2 million in private placement offering

NanoSphere raises $2 million in private placement offering

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Biotechnology firm has closed its second and final tranche of its non-brokered private placement announced on Feb. 11, 2019. Pursuant to the first tranche, the company issued 6,666,394 units at a price of 30 cents per unit for gross proceeds of $1,999,918.20.

Each unit comprises one common share and a full purchase warrant exercisable to purchase a further common share at a price of 50 cents for a period of 24 months, subject to accelerated expiry if the company's shares trade at or above 75 cents for 15 consecutive days.

In connection with the closing, the company paid an aggregate of $41,931.41 in finders' fees and issued 106,050 finders' warrants having the same terms as the private placement warrants. All securities issued are subject to a statutory hold period expiring April 15, 2019. The first tranche in December 2018 raised gross proceeds of $1,335,676 in Units. Together with this financing, the total gross proceeds raised will be $3,335,594.2 ( 11,118,648 Units).

The proceeds will be used to expand the company's Evolve Formulatm cannabis products into new markets in the US, Canada and Mexico.

The company may pay certain finder fees in connection with the financing, subject to the policies of the Canadian Securities Exchange. All securities issuances are subject to the approval of the Exchange, and will have a 4 month statutory hold period from the date of issuance.

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Tech Observer Desk
Tech Observer Desk
Tech Observer Desk at TechObserver.in is a team of technology reporters led by a senior editor who brings latest updates and developments from the world of technology.
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