Voyageur Pharmaceuticals Ltd (TSX-V:VM, OTC:VYYRF) announced it has closed the first tranche of its previously announced non-brokered private placement, issuing 8.28 million units priced at $0.06 for gross proceeds of approximately $497,000.
The proceeds from this tranche will fund several initiatives, including commissions, product testing, auditing and TSX fees, annual general meeting costs, corporate general and administrative expenses and legal fees.
As part of the first closing, Voyageur paid approximately $19,000 in cash commissions to qualified parties and issued 324,853 broker warrants.
Each broker warrant allows the holder to purchase one common share at $0.06 within one year of issuance.
The company said it intends to complete one or more closings before the end of the year.