- Gross proceeds from the offering totalled approximately $22 million
- The company sold a total of 6,112,000 units at a price of $3.60 per unit
- The offering was led by Raymond James Ltd. and included Leede Jones Gable Inc. and ATB Capital Markets Inc.
- Warrants will trade on the TSX under the symbol CRDL.WT.A
- Cardiol Therapeutics is a clinical-stage biotechnology company
- Cardiol Therapeutics (CRDL) opened trading at C$2.98 per share
Cardiol Therapeutics (CRDL) has closed its previously announced bought deal offering.
Gross proceeds from the offering totalled approximately $22 million.
The offering was completed by a syndicate of underwriters led by Raymond James Ltd., as lead underwriter and sole bookrunner and included Leede Jones Gable Inc. and ATB Capital Markets Inc.
The company sold a total of 6,112,000 units at a price of $3.60 per unit. Each unit includes one Class A common share and one-half purchase warrant. Each warrant entitles the holder to acquire one common share at a price of $4.60 for a period of 36 months.
The common shares trade on the TSX under the symbol CRDL and the warrants will trade under the symbol CRDL.WT.A.
Net proceeds from the offering will be used to advance research and clinical development programs, additional commercial product development, and for general corporate purposes.
Cardiol Therapeutics is a clinical-stage biotechnology company focused on the research and clinical development of innovative anti-inflammatory therapies for the treatment of cardiovascular disease.
The company’s lead product, CardiolRx, is a pharmaceutically produced oral cannabidiol formulation that is currently entering a Phase II/III outcomes study in hospitalized patients testing positive for the COVID-19 virus.
Cardiol Therapeutics (CRDL) opened trading at C$2.98 per share.