Mountain Valley MD Holdings Inc (CSE:MVMD) (OTCMKTS:MVMDF) announced on Tuesday that it has closed an oversubscribed non-brokered private placement that raised gross proceeds of over $4.3 million.
The Vancouver, British Columbia-based company said the funds will be used for the advancement of “formulation research and development, pre-clinical trials, patent management and general working capital purposes.”
The company said the private placement raised gross proceeds of $4,323,199.74 by issuing 19,650,908 units. Each unit is comprised of one share and one half of one share purchase warrant, and each warrant is exercisable for 24 months at an exercise price of $0.45 per share.
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"The timing of our strategic investment capitalization and zero debt position places Mountain Valley MD in a tremendous position to advance our business and realize our impact on global human and animal health," said Mountain Valley MD CEO Dennis Hancock in a statement.
"Presenting over the past week to numerous identified strategic biotech and pharmaceutical investors has brought some significant partners into the fold who want to support our success. We believe this oversubscription represents the significant interest in our business by this industry," he added.
In conjunction with the non-brokered offering, the company paid finder fees equal to 6% of the funds introduced by such finders, being $243,528 paid through the issuance of 1,106,945 units at $0.22 per unit. All securities issued pursuant to the offering will be subject to a four-month hold expiring on April 22, 2021.
Mountain Valley MD is building a world-class biotech and life sciences company centered around the implementation of its patented Quicksome oral drug formulation and delivery technologies. It applies its Quicksome desiccation technology towards the oral delivery of vaccines and pharmaceutical drugs as well as the development of products for pain management, weight loss, energy, focus, sleep and anxiety.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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