Cynapsus Therapeutics (TSX-V:CTH) has closed a brokered private placement of 3.4 million units at a price of 5 cents a unit to raise gross proceeds of $170,000 for working capital purposes.
Each Unit consists of one common share and one warrant, with each warrant entitling the holder to acquire an additional common share at an exercise price, subject to adjustment, of 6.25 cents a share for 12 months, and thereafter at an exercise price of 10 cents a share.
If the common shares of Cynapsus are consolidated during the next 12 months on a basis of more than 1.6 common shares for one new common share, the automatic increase in the exercise price of the warrants will not apply, provided the exercise price will be adjusted as a result of the consolidation in accordance with the terms of the warrant.
