Cardiol Therapeutics Inc (TSE: CRDL) said it has closed its previously announced offering of units of the company for aggregate gross proceeds of approximately $22 million.
The deal was upsized from its original $15 million offering due to strong demand.
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The Oakville, Ontario-based company entered into an agreement with Raymond James on behalf of a syndicate of underwriters to purchase 6,112,000 units priced at C$3.60 per unit on a bought deal basis.
Each unit includes one share and one-half of one warrant exercisable at a price of $4.60 for a period of 36 months following the closing of the offering.
Cardiol said it is planning to use the proceeds to advance research and clinical development programs, for additional commercial product development, and for general corporate purposes.
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