Business
Voyageur Pharmaceuticals Ltd. Announces Increase to Private Placement and First Closing
(TheNewswire) Calgary, Alberta - TheNewswire - December 3...
About this update from Voyageur Pharmaceuticals Ltd
[{"type":"text","content":"Voyageur Pharmaceuticals Ltd. Announces Increase to Private Placement and First Closing\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Calgary, Alberta -\n \n \n TheNewswire -\n \n \n December 31, 2020\n \n \n –\n \n \n Voyageur\nPharmaceuticals Ltd.\n \n \n (\n \n \n TSXV\n \n \n :\n \n \n VM\n \n \n )\n \n \n (\n \n \n OTC\n \n \n :\n \n \n \n VYYRF)\n \n \n \n (the \"Company\"\nor \"Voyageur\")\n \n \n is pleased to announce\nthat it has increased the previously announced non-brokered offering\nof units (the \"Offering\") from a maximum of $600,000 to\n$700,000.  In addition, the Company announces that it has completed\nthe first closing under the Offering by issuing 11,350,000 units for\ngross proceeds of $567,500.\n \n \n \n \n Further to the news release of the Company dated\nDecember 9, 2020, the Offering was a combination of (i) \"Common\nUnits\", comprised of one (1) common share and one (1) common\nshare purchase warrant, exercisable at $0.10 for a period of two years\nfrom the closing date, and (ii) \"Flow-Through Units\",\ncomprised of one (1) common share and one-half (1/2) of one common\nshare purchase warrant, with each whole warrant being exercisable at\n$0.12 for a period of two years from the closing date.  Under the\nfirst closing of the Offering, the Company issued 10,340,000\nFlow-Through Units and 1,580,000 Common Units.  The Flow-Through\nUnits and Common Units were issued at a price of $0.05 per\nUnit.\n \n \n \n \n In connection with the Offering, Voyageur paid\naggregate cash commissions of $16,400 and issued 328,000 broker\nwarrants exercisable at a price of $0.12 per Common for a period of\ntwo years from the date of issuance.\n \n \n \n \n The net proceeds received by Voyageur from the Offering\nwill be used to advance the Frances Creek barium sulfate project.\nApproximately $300,000 will be used to update the NI 43-101 report and\ncompletion of the preliminary economic assessment and pre-feasibility\nstudy. Approximately $150,000 will be used to progress Health Canada\nand begin FDA drug applications and the remaining amount of up to\n$250,000 (depending on the total amount raised under the Offering)\nwill be allocated to planning for production startup, and bulk sample\nplanning and other general corporate purposes.\n \n \n \n \n Completion of the O...