Mr. Mark Upsdell reports
RAPID DOSE ANNOUNCES CLOSING OF FOURTH TRANCHE OF EQUITY PRIVATE PLACEMENT FINANCING
Rapid Dose Therapeutics Corp. has closed on $300,000 in a fourth tranche of
its previously announced equity private placement financing, bringing the
total amount raised to $1.71-million. The financing contemplated up to $7-million of gross
proceeds, consisting of up to 41,176,470 units at a price of 17 cents per unit. Each
unit consists of one common share of the company and one common share purchase warrant of the company. Each warrant is exercisable
to acquire one common share at a price of 20 cents per common share for a term of two years from the date of issuance of such warrant.
On this fourth tranche closing of the financing, 1,764,704 units were purchased and,
accordingly, the company issued 1,764,704 common shares and 1,764,704 warrants.
In accordance with the company's agreement with Meadowbank Asset Management Inc. (the
agent) in respect of the financing, the agent is entitled to a cash commission equal to 6 per cent of
the aggregate gross proceeds raised pursuant to the financing from investors introduced to the
company by the agent. The company shall also issue such number of non-transferable agent
warrants as is equal to 6 per cent of the number of units issued to investors
in the financing that were introduced to the company by the agent. Each agent warrant will
be exercisable to acquire one common share at a price of 20 cents per common share for a
term of two years from the date of issuance of such agent warrant. On this fourth tranche
closing of the financing, the company paid a commission of $18,000 and issued 105,882 agent
warrants to the agent.
The company intends to use the proceeds from the financing for research and development,
capital expansion, and working capital purposes. All securities issued on the financing will be
subject to a four-month hold from the applicable date of closing.
The company has received an extension from the Canadian Securities Exchange allowing it to
close subsequent tranches of financing until May 30, 2024.
About Rapid Dose Therapeutics Corp.
Rapid Dose is a Canadian biotechnology company revolutionizing drug delivery through innovation. The company's flagship product QuickStrip, is a thin, orally dissolvable film that can be infused with an infinite list of active ingredients, including nutraceuticals, pharmaceuticals and vaccines, that are delivered quickly into the bloodstream, resulting in rapid onset of the active ingredient.
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