Cardiol Therapeutics Inc. Announces Bought Deal Financing for Gross Proceeds of $13.5 Million

Executive Summary

• Cardiol Therapeutics Inc. entered into a bought‑deal private placement underwriting agreement with Canaccord Genuity Corp. for up to 10,384,616 units at $1.30 per unit, targeting gross proceeds of approximately $13.5 million.
• The underwriter has an option to purchase an additional 10 % (up to 1,038,462 units) for up to $1.35 million, exercisable up to 48 hours before closing.
• Net proceeds are earmarked to fund ongoing research and clinical development programs, as well as general corporate purposes, working capital, and administrative expenses.

Key Details

• Units Offered: 10,384,616 units (each unit = 1 Class A common share + ½ warrant).
• Offering Price: $1.30 per unit.
• Gross Proceeds Expected: ~$13.5 million.
• Underwriter Option: Up to an additional 10 % of the base units (max 1,038,462 units) at the same price, potentially adding $1.35 million in gross proceeds.
• Warrant Terms: Each warrant allows purchase of one common share at $1.75 per share; exercisable for 24 months from issuance.
• Closing Date: Expected on or about January 23, 2026 (or earlier/later by mutual agreement). Must close no later than the 45th day after the announcement per Listed Issuer Financing Exemption rules.
• Commission: Underwriter to receive a cash commission equal to 6 % of aggregate gross proceeds.
• Use of Proceeds: Advance research and clinical development programs (including MAVERIC and ARCHER trials), general & administrative expenses, working capital, and other corporate needs.
• Regulatory Framework: Private placement under NI 45‑106 – Prospectus Exemptions; units to be offered to qualified investors in Canada (excluding Quebec) and may also be sold in the U.S. and other jurisdictions under applicable exemptions. No resale restrictions in Canada for units issued under the Listed Issuer Financing Exemption.

Notable Quotes

No direct quotes were included in the release.