• Braxia Scientific Corp. (BRAX) announced an offering of units and concurrent private placement for gross proceeds of $1.9 million
  • The offering includes up to 27.2 million units at a price of $0.055 per unit for total proceeds of up to $1.5 million
  • The private placement is made up of roughly 7.27 million company units sold for the same price for proceeds up to $400,000
  • The combined earnings will go towards rolling out the company’s telehealth platform, KetaMD, in the U.S., Canadian clinics, and general corporate work
  • Braxia Scientific Corp. (BRAX) is unchanged, trading at $0.07 as of 12:02 p.m. EST

Braxia Scientific Corp. (BRAX) announced an offering of units and concurrent private placement for gross proceeds of $1.9 million.

The offering includes up to 27.2 million units at a price of $0.055 per unit for total proceeds of up to $1.5 million. The private placement is made up of roughly 7.27 million company units sold for the same price for proceeds up to $400,000.

Each unit will have one Braxia common share and one common share purchase warrant. Each warrant entitles the holder to purchase one additional common share at a price of $0.07 per common share for a three-year period following the issuance date.

Braxia CEO and Chairman Dr. Roger McIntyre has subscribed for 3.18 million private placement units for $175,000. Additionally, Braxia, certain insiders, and consultants have agreed to cancel 6.5 million stock options held by the optionors according to the company’s stock option plan.

The net proceeds of the offering will be used to support the launch of the company’s telemedicine platform KetaMD in the U.S., for clinic expansion in Canada, and to continue intellectual property development. It plans to use the net proceeds of the private placement for working capital and general corporate purposes.

The closing dates of the offering and the private placement are expected to occur by February 20. They are subject to certain conditions, including minimum gross proceeds of $750,000 and all necessary approvals. The two financings may each be closed in one or more tranches and are not reliant on one another.

Braxia Scientific Corp. (BRAX) is unchanged, trading at $0.07 as of 12:02 p.m. EST.


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