Company sold 4.3 million units of one common share and one warrant
By Devika Patel
Knoxville, Tenn., Aug. 20 – DelMar Pharmaceuticals, Inc. said it raised $570,000 in the second and final tranche of a $2.58 million registered direct placement of units. The deal was announced April 10 and priced for $8 million on July 15, raising $2.01 million on July 27.
The company sold 4.3 million units of one common share and one warrant at $0.60 per unit, with each warrant exercisable at $0.75 for five years. The strike price is a 47.06% premium to the July 14 closing share price of $0.51.
DelMar sold 3.35 million units in the first tranche and 950,000 units in the second tranche.
Proceeds will be used for research and drug development and general working capital.
The drug developer is based in Vancouver, B.C.
| Issuer: | DelMar Pharmaceuticals, Inc.
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| Issue: | Units of one common share and one warrant
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| Amount: | $2.58 million
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| Units: | 4.3 million
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| Price: | $0.60
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| Warrants: | One warrant per unit
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| Warrant expiration: | Five years
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| Warrant strike price: | $0.75
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| Announcement date: | April 10
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| Pricing date: | July 15
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| Settlement date: | July 27 (for $2.01 million), Aug. 20 (for $570,000)
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| Stock symbol: | OTCBB: DMPI
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| Stock price: | $0.51 at close July 14
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| Market capitalization: | $17.95 million
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