BetterLife Pharma Inc. (CSE:BETR) (OTCQB:BETRF) (FRA:NPAT) said it has closed the first tranche of its non-brokered private placement by issuing 716,725 units at a price of $1.90 per unit for gross proceeds of $1,361,777.
Each unit consists of one common share in the company and one half of one common share purchase warrant. Each whole warrant is exercisable for a period of two years from the closing date of the offering to purchase one common share at a price of $2.30 each.
READ: BetterLife Pharma says special meeting of Altum shareholders has “overwhelming” voted to approve the planned merger
The common shares and warrants issued under the offering are subject to a hold period under applicable securities laws, which expires four months and a day following the date of issue of the units.
BetterLife said it will use the proceeds for working capital purposes and to advance on the AP-003 clinical trial programs of Altum Pharmaceuticals Inc, which are planned to begin in the next 6 to 10 weeks.
As announced on July 30, 2020, 91.3% of Altum’s shareholders voted in favour of the merger with BetterLife and BetterLife now awaits ratification of the merger by the Canadian Securities Exchange.
Altum’s therapeutic pipeline consists of 3 products, including AP-003, a patent-pending interferon a2b (IFNa2b) inhalation formulation. Recent studies in China and the UK have provided data that suggest the therapeutic efficacy of interferon-based treatments for coronavirus (COVID-19).
Contact the author at jon.hopkins@proactiveinvestors.com