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Cardiol Therapeutics Completes Initial Public Offering and the Company's Common Shares and Warrants Commence Trading on the Toronto Stock Exchange Under the Symbols "CRDL" and "CRDL.WT"
Oakville, Ontario--(Newsfile Corp. - December 20, 2018) - Cardiol Therapeutics Inc. ( TSX: CRD...
About this update from Cardiol Therapeutics Inc. Class A
[{"type":"text","content":"Cardiol Therapeutics Completes Initial Public Offering and the Company's Common Shares and Warrants Commence Trading on the Toronto Stock Exchange Under the Symbols \"CRDL\" and \"CRDL.WT\"Oakville, Ontario--(Newsfile Corp. - December 20, 2018) - Cardiol Therapeutics Inc. (TSX: CRDL) (\"Cardiol\" or the \"Company\"), a leader in the research and commercial development of pharmaceutical cannabidiol products and targeted therapies for heart failure and cancer, announces that it has completed its initial public offering (the \"IPO\") on the Toronto Stock Exchange (the \"TSX\"). In connection with the IPO, Cardiol issued (a) 3,000,000 units (the \"Units\") at a price of $5.00 per Unit, with each Unit consisting of one Class A common share of the Company (a \"Unit Share\" and each Class A common share, a \"Common Share\") and one Common Share purchase warrant of the Company (a \"Warrant\"); and (b) an additional 374,544 Warrants at a price of $0.38 per Warrant pursuant to the partial exercise by the underwriters of the Over-Allotment Option, resulting in aggregate gross proceeds of $15,142,327. Cardiol's Common Shares will commence trading today on the TSX under the symbol \"CRDL\" and the Warrants will commence trading today under the symbol \"CRDL.WT\".Each Warrant is exercisable into one Common Share (a \"Warrant Share\") at the price of $6.50 per Warrant Share, subject to adjustment, for a period of two years, subject to accelerated expiry if, at any time, the volume weighted average trading price of the Common Shares is equal to or greater than $10.00 for any 10 consecutive trading day period.\"Completing our Initial Public Offering represents a significant milestone as we believe it will provide the Company with the financial resources to commercialize our pharmaceutically-manufactured ultra-pure cannabidiol products in the growing market for medical cannabinoids, projected to reach $2.31 billion in Canada by 2021,\" stated David Elsley, President and Chief Executive Officer of Cardiol. \"It will also support our research and development program focused on advancing our patented nanotechnologies designed to deliver cannabinoids and other anti-inflammatory drugs to sites of inflammation in the failing heart and to pursue an innovative cancer immunotherapeutic in combination with cannabinoids for glioblastoma multiforme, the most...