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Cardiol Therapeutics Announces $11.25 Million Bought Deal Public Offering
Oakville, Ontario--(Newsfile Corp. - May 13, 2020) - Cardiol Therapeutics Inc. ( TSX: CRDL...
About this update from Cardiol Therapeutics Inc. Class A
[{"type":"text","content":"Cardiol Therapeutics Announces $11.25 Million Bought Deal Public OfferingOakville, Ontario--(Newsfile Corp. - May 13, 2020) - Cardiol Therapeutics Inc. (TSX: CRDL) (OTCQX: CRTPF) (\"Cardiol\" or the \"Company\"), a leader in the production of pharmaceutical cannabidiol (CBD) and the development of innovative cannabidiol products for heart diseases, is pleased to announce that it has entered into an agreement with Canaccord Genuity Corp. (the \"Lead Underwriter\") pursuant to which the Lead Underwriter has agreed, on behalf of a syndicate of underwriters (collectively, the \"Underwriters\"), to purchase, on a bought deal basis pursuant to the filing of a short form prospectus, an aggregate of 4,500,000 units (the \"Units\") at a price of $2.50 per Unit (the \"Offering Price\") for aggregate gross proceeds to the Company of $11,250,000 (the \"Offering\").Each Unit shall consist of one Class A Common share (each a \"Unit Share\") and one-half of one common share purchase warrant of the Company (each whole warrant, a \"Warrant\"). Each Warrant shall be exercisable to acquire one Class A common share of the Company (a \"Warrant Share\") at an exercise price of $3.25 per Warrant Share for a period of 24 months from closing of the Offering, subject to a Warrant acceleration right exercisable by the Company if the daily volume weighted average trading price of the Company's Class A Common shares (the \"Common Shares\") on the Toronto Stock Exchange (the \"TSX\") is greater than $4.50 per Common Share for the preceding 10 consecutive trading days. The Company has granted the Underwriters an option (the \"Over-Allotment Option\") to purchase up to an additional 675,000 Units (the \"Additional Units\" and collectively with the Units, the \"Offered Units\") at the Offering Price, exercisable at any time, for a period of 30 days after and including the Closing Date, which would result in additional proceeds of $1,687,500. The Over-Allotment Option is exercisable to acquire Additional Units, Unit Shares, and/or Warrants (or any combination thereof) at the discretion of the Lead Underwriter.The Underwriters are to be paid a cash commission equal to 6% of the gross proceeds of the Offering other than in connection with a president's list of investors (the \"President's List Investors\"), in which case the cash commission shall be 3% of the proc...