Voyageur Pharmaceuticals Ltd (TSX-V:VM, OTC:VYYRF) said it has completed the second and final closing of its increased non-brokered private placement for gross proceeds of $1,019,953.53.
The second tranche consisted of the issuance of an aggregate of 14,570,764 units at a price of $0.07 each, bringing the total number of units issued under the offering to 17,142,133 for total gross proceeds of $1,199,949.46.
Each unit is comprised of one common share and one common share purchase warrant of Voyageur. Each warrant entitles the holder to purchase one common share for $0.12 expiring 24 months from the date of issuance.
READ: Voyageur Pharmaceuticals increases maximum size of its non-brokered private placement to $1.2M due to strong investor demand
The gross proceeds received by Voyageur from the offering will be used to advance the company’s project in the following way: SmoothX & Corporate Marketing $250,000; FDA EMA Testing $340,000; Frances Creek 2,000 tonne engineering $60,000; Deposit for Pharma GMP facility purchase (Due Diligence 100% refundable) $100,000; Legal $50,000; Auditing fees $60,000; Commissions & Offering Costs $60,000 Corporate G&A $279,949.46; Total: $1,199,949.46
Under the second and final closing of the offering, Voyageur paid cash commissions to qualified non-related parties of $13,848.80 and issued an aggregate of 237,840 broker warrants. Each broker warrant entitles the holder to acquire one common share at a price of $0.07 per broker warrant for a period of one year from the date of issuance.
Completion of the offering is subject to regulatory approval including, but not limited to, the approval of the TSX Venture Exchange. The common shares, warrants and broker warrants issued are subject to a four-month hold period from the date of issuance.
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. Voyageur’s goal is to fully integrate the barium and iodine contrast market by producing its own minerals of barium and iodine.
The business plan is to initially generate cash flow from operations using third-party GMP pharmaceutical manufacturers in Canada and validate the products for regulatory agencies globally. Then transitioning into a high-margin domestic manufacturer of radiology drugs. Voyageur has plans to build carbon-neutral infrastructure to become 100% self-sufficient across all manufacturing activities.
Voyageur owns a 100% interest in three 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 & bromine brine project located in Utah, USA.
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Contact the author at jon.hopkins@proactiveinvestors.com