Cynapsus Therapeutics (TSX-V:CTH) is continuing its previously announced offering under a short-form prospectus.
On March 1, the company completed a closing for gross proceeds of $6,008,000, achieving the minimum offering and resulting in the issuance of 13,061,688 units.
Cynapsus said it has received a receipt for amendment no. 1 to allow for the closing of additional tranches of the offering for gross proceeds of up to $1,992,000, in order to reach the maximum offering of $8-million.
The prospectus qualifies the distribution of a minimum of 13,043,478 units and a maximum of 17,391,304 units at a price of 46 cent a unit, with each unit consisting of one common share and one warrant. Each warrant entitles the holder to purchase an additional common share for 57.5 cents during the next 60 months.
Net proceeds will be used to fund the company’s CTH-201 bioequivalence study and for general working capital purposes. The offering will be discontinued on the earlier of the date that the maximum offering has been subscribed for and May 21.
