XORTX closes $1.1-million (U.S.) direct offering

Executive Summary

• XORTX Therapeutics Inc. has closed a registered direct offering, raising gross proceeds of $1.1 million.
• The company issued 1.75 million common shares (in the form of 572,470 common shares and 1,117,530 prefinanced warrants) to an institutional investor at a price of $0.63 per share.
• Net proceeds will be used for working capital and general corporate purposes, with D. Boral Capital LLC acting as the sole placement agent.

Key Details

• Transaction Type: Registered Direct Offering.
• Gross Proceeds: $1,102,500.00 (U.S.).
• Purchase Price: $0.63 per common share.
• Securities Issued:
  • 572,470 common shares.
  • 1,117,530 prefinanced warrants (issued in lieu of common shares).
• Prefinanced Warrant Terms:
  • Each warrant entitles the holder to acquire one common share.
  • Exercise Price: $0.001 (0.1 cent) per share.
• Placement Agent: D. Boral Capital LLC.
• Agent Compensation:
  • 87,500 agent warrants issued to the placement agent.
  • Exercise Price: $0.69 per common share.
  • Vesting/Exercise Commencement: 181 days following issuance.
  • Term: 18 months from the closing date.
• Use of Proceeds: Working capital and general corporate purposes.
• Regulatory Basis: Issued pursuant to an effective shelf registration statement on Form F-3 (File No. 333-269429), declared effective by the SEC on Feb. 3, 2023.

Notable Quotes

• None provided in the text.