Voyageur Pharmaceuticals Ltd (TSX-V:VM, OTC:VYYRF) announced the completion of the first tranche of a private placement worth a total of up to C$650,000.
In the first tranche, the company offered over 2.5 million units, at a price of $0.07 each, for gross proceeds of roughly $180,000. Each unit contains one common share and one common share purchase warrant, good for buying an additional share at a price of $0.12.
Proceeds from the offering will be used in the following ways: commissions and offering costs ($35,000), SmoothX and corporate marketing ($175,000), FDA Emergency Use Authorization testing ($180,000), legal ($50,000), auditing fees ($60,000) and corporate general and administrative costs ($150,000).
READ: Voyageur Pharmaceuticals launches SmoothX barium contrast media in Canada
Pursuant to the closing of the first tranche, Voyageur paid a cash commission of $2,800 to a qualified non-related party in the amount and issued 40,000 broker warrants.
Completion of the offering remains subject to regulatory approval, including the approval of the TSX Venture Exchange, the company said.
The remaining tranches are expected to be completed in January.
Voyageur is focused on the development of barium and iodine Active Pharmaceutical Ingredients (API) and high-performance cost-effective imaging contrast agents for the medical imaging marketplace. Its goal is to fully integrate the barium and iodine contrast market by producing its own minerals of barium and iodine.
The company has plans to build a carbon-neutral infrastructure to become 100% self-sufficient across all manufacturing activities. It owns a 100% interest in three Canadian barium sulphate (barite) projects, including the Frances Creek property, suitable in grade for the pharmaceutical marketplace, with additional interests in a high-grade iodine, lithium and bromine brine project in Utah.
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