Business
Cardiol Therapeutics Closes $17.25 Million Bought Deal Offering, Including Full Exercise of the Over-Allotment Option
Oakville, Ontario--(Newsfile Corp. - June 4, 2020) - Cardiol Therapeutics Inc. ( TSX: CRDL )...
About this update from Cardiol Therapeutics Inc. Class A
[{"type":"text","content":"Cardiol Therapeutics Closes $17.25 Million Bought Deal Offering, Including Full Exercise of the Over-Allotment OptionOakville, Ontario--(Newsfile Corp. - June 4, 2020) - Cardiol Therapeutics Inc. (TSX: CRDL) (\"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 the closing of its previously announced \"bought deal\" short form prospectus offering (the \"Offering\") of units of the Company (\"Units\") for aggregate gross proceeds of $17,250,000 which includes the full exercise of the over-allotment option.\"The closing of our financing today positions Cardiol to execute on a strategy designed to address significant opportunities in healthcare,\" said David Elsley, President and CEO of Cardiol Therapeutics. \"As we all adjust to the new reality of operating during a global pandemic, Cardiol is fortunate to have the opportunity to collaborate with leading international researchers to develop new therapies to address inflammation in heart failure and in other cardiovascular abnormalities, and through this work explore the possibility of improving outcomes in high-risk COVID-19 patients. There is increasing recognition that COVID-19 involves the heart and blood vessels, with excessive levels of inflammation. We also look forward to the commercial introduction of our lead product through our national supplier agreement with Medical Cannabis by Shoppers, a subsidiary of Shoppers Drug Mart.\" Under the Offering, the Company sold a total of 6,900,000 Units at a price of $2.50 per Unit. Each Unit is comprised of one Class A common share of the Company (a \"Unit Share\" and each Class A common share, a \"Common Share\") and one-half of one Common Share purchase warrant of the Company (each full warrant, a \"Warrant\"). Each Warrant entitles the holder thereof to acquire one Common Share (a \"Warrant Share\") at a price of $3.25 per Warrant Share for a period of 24 months from issuance, subject to a Warrant acceleration right exercisable by the Company if the daily volume weighted average trading price of the Common Shares on the Toronto Stock Exchange (the \"TSX\") is greater than $4.50 per Common Share for the preceding ten consecutive trading days.Cardiol intends to use the proceeds of the Offering ...