BetterLife Pharma Inc (CSE:BETR) reported it has completed its recently-announced C$2.6 million equity offering, in which it issued 6,525,000 company units at a price of $0.40 per unit.
BetterLife said net proceeds from the offering will be used for working capital and general corporate purposes.
Each unit of the offering was comprised of one company common share plus one common share purchase warrant, with each warrant entitling the holder to purchase one common share of the company at an exercise price of $0.50 up until May 28, 2024.
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The offering was led by Research Capital Corporation, which acted as a sole agent and bookrunner.
The company noted that it has granted to the agent an option to increase the size of the offering by up to an additional number of units totaling 15% of the total number of units to be issued under the offering at any time up to 30 days following the offering’s closing date.
BetterLife Pharma, based in Vancouver, British Columbia, is a life sciences company engaged in the development of next-generation psychedelic products for the treatment of mental disorders.
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