XORTX Therapeutics closes $114,500 (U.S.) financing

Executive Summary

• XORTX Therapeutics Inc. has closed a non-brokered private placement of units, raising aggregate gross proceeds of $114,500 USD.
• The company issued 156,849 units at a price of $0.73 USD per unit.
• Proceeds are intended for gout programs, general corporate purposes, and working capital.

Key Details

• Transaction Structure: Non-brokered private placement of units.
• Units Issued: 156,849 units.
• Price Per Unit: $0.73 USD.
• Aggregate Gross Proceeds: $114,500 USD.
• Unit Composition: Each unit consists of one common share and one common share purchase warrant.
• Warrant Terms:
  • Each warrant entitles the holder to purchase one additional common share.
  • Exercise Price: $1.20 USD.
  • Term: 60 months from issuance.
  • Acceleration Clause: If the closing price of common shares on Nasdaq is greater than $2.00 USD for 10 or more consecutive trading days, warrants accelerate and expire on the 30th business day following notice.
• Regulatory Status: Conditionally approved by the TSX Venture Exchange.
• Hold Period: Securities are subject to a four-month-and-one-day statutory hold period.
• Use of Proceeds: Gout programs, general corporate purposes, and working capital.
• Fees: No finders' fees were paid.

Notable Quotes

• None provided in the text.