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Cardiol Therapeutics Announces Increase to Previously Announced Bought Deal Public Offering
Oakville, Ontario--(Newsfile Corp. - May 14, 2020) - Cardiol Therapeutics Inc. (TSX: CRDL)&#x...
About this update from Cardiol Therapeutics Inc. Class A
[{"type":"text","content":"Cardiol Therapeutics Announces Increase to Previously Announced Bought Deal Public OfferingOakville, Ontario--(Newsfile Corp. - May 14, 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 a syndicate of underwriters led by Canaccord Genuity Corp. (the \"Underwriters\") to increase the size of its previously announced bought deal financing. The Underwriters have agreed to purchase, on a bought deal basis pursuant to the filing of a short form prospectus, an aggregate of 6,000,000 units (the \"Units\") at a price of $2.50 per Unit (the \"Offering Price\") for aggregate gross proceeds to the Company of $15,000,000 (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 900,000 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 $2,250,000. The Over-Allotment Option is exercisable to acquire Additional Units, Unit Shares, and/or Warrants (or any combination thereof) at the discretion of the Underwriters.The Offered Units will be offered by way of a short form prospectus to be filed in all provinces of Canada except Quebec. The Offering is expected to close on June 4, 2020, and is subject to certain conditions including, but not limited...