Cardiol closes $14.85-million bought deal financing

Executive Summary

• Cardiol Therapeutics Inc. has closed its previously announced private placement of units, including the full exercise of the over-allotment option.
• The company raised gross proceeds of $14.85 million through the issuance of 11,423,078 units at a price of $1.30 per unit.
• Canaccord Genuity Corp. acted as the sole underwriter and bookrunner for the offering.

Key Details

• Transaction Structure: Private placement of units pursuant to National Instrument 45-106 (Prospectus Exemptions) and CSA Coordinated Blanket Order 45-935.
• Units Issued: Aggregate of 11,423,078 units.
• Price Per Unit: $1.30.
• Gross Proceeds: $14.85 million (includes full exercise of the over-allotment option).
• Unit Composition: Each unit consists of one Class A common share and one-half of one common share purchase warrant.
• Warrant Terms: Each whole warrant entitles the holder to purchase one common share at an exercise price of $1.75 per warrant share. Warrants are exercisable for a period of 24 months from the date of issuance.
• Underwriter Commission: Cash commission of 6% of the aggregate gross proceeds paid to the underwriter.
• Use of Proceeds: Net proceeds to be used to advance research and clinical development programs, general and administrative expenses, working capital, and other expenses.
• Regulatory Status: Units issued under the listed issuer financing exemption are not subject to resale restrictions in Canada. No prospectus filing or comparable obligation arises in jurisdictions outside of Canada and the United States.

Notable Quotes

• No direct quotes from management were included in the provided text.