Voyageur Pharmaceuticals Ltd (TSX-V:VM, OTC:VYYRF) announced a proposed non-brokered private placement aiming to raise up to C$1 million by issuing 16,666,667 units at C$0.06 per unit.
Each unit consists of one common share and one warrant exercisable at C$0.10 for 36 months.
The company may accelerate the warrant expiry if shares trade above C$0.25 for 10 consecutive trading days.
The funds will support several key initiatives, including marketing, product testing, and the launch of research into fullerene technology. Other allocations include commissions, auditing, and general administrative expenses.
Existing shareholders can subscribe to the offering per the Existing Shareholder Exemption, which will be open until November 27, 2024.
The first closing is expected around November 5.
Voyageur is focused on developing barium and iodine-based Active Pharmaceutical Ingredients (API) and imaging contrast agents.