Xphyto Therapeutics Corp (CSE:XPHY) (OTCQB:XPHYF (FSE:4XT) said Tuesday it has arranged a non-brokered private placement to raise up to $2.85 million.
In a statement, the company said it intends to use the net proceeds to facilitate development and commercialization of its oral and transdermal drug formulations, diagnostic test products, and psychedelic API and drug formulations, as well as general working capital purposes.
READ: XPhyto Therapeutics and German partner complete successful validation of their COVID-19 RT-PCR test system
Under the placement, Xphyto will offer 1.5 million units at $1.90 each. Each unit will consist of one common share of the company and one common share purchase warrant. Each warrant will entitle the holder to purchase an additional common share at $2.20 each for 24 months from the date of closing.
Completion of the offering is subject to the satisfaction of certain conditions, including notice to the Canadian Securities Exchange. The securities issued pursuant to the offering will be subject to a statutory four-month hold period.
XPhyto, based in Vancouver, is a science-focused cannabis company developing analytical testing, processing, and formulation capability in Canada, while in Germany, it is focused on and research, cultivation, extraction, import, distribution, and manufacturing.
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