Braxia Scientific Corp. (CSE:BRAX, OTC:BRAXF) has announced an offering of up to 27,272,727 units of the company at a price of $0.055 each for aggregate proceeds of up to $1.5 million pursuant to the listed issuer financing exemption (LIFE) and a concurrent private placement of up to 7,272,727 units for aggregate gross proceeds of up to $400,000.
The net proceeds of the LIFE offering will be used to support the rollout of the company’s telemedicine platform in the United States, for clinic expansion in Canada, and to continue intellectual property development, Braxia said.
The company said it expects to use the net proceeds from the concurrent placement for working capital and general corporate purposes.
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Each unit will be comprised of one share in the company and one share purchase warrant entitling the holder to purchase an additional share at a price of $0.07 per share for a period of three years following the issuance of each warrant.
The offering document related to the LIFE offering can be accessed at www.braxiascientific.com in the Investor Relations tab.
Further, the company said its CEO Roger McIntyre has subscribed for 3,181,818 placement units for aggregate process proceeds of $175,000.
The LIFE offering and the concurrent placement are expected to close on or about February 20, 2023, and may be closed in one or more tranches.
Braxia Scientific is a medical research and telemedicine company with clinics that provide innovative ketamine treatments for persons with depression and related disorders.
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