Theralase Technologies Inc (TSX-V:TLT, OTCQB:TLTFF) has closed a non-brokered private placement, issuing 2.72 million units at $0.20 per unit, raising $544,000.
Each unit includes one common share and one share purchase warrant with the warrants exercisable at $0.30 for five years.
The funds will support the company's ongoing Phase II clinical trial for non-muscle invasive bladder cancer, preclinical research on Rutherrin, and general corporate purposes.
Securities from the offering are subject to a hold period until January 25, 2024, and the placement is pending final TSX Venture Exchange approval.
Additionally, the company has granted 12.34 million stock options to directors, officers, and employees, exercisable at $0.25 per share over five years.