By Devika Patel
Knoxville, Tenn., Jan. 3 - Arura Pharma Inc. announced it has taken in C$515,000 in the second tranche of a C$3 million private placement of units. In the first tranche, which settled Nov. 5, the company raised C$1 million. The deal priced Oct. 1.
In the first tranche, Arura sold 8 million units. It sold 4,152,400 units in the latest tranche.
As previously reported, the company plans to sell a total of up to 24 million units at C$0.125 per unit. Each unit consists of one common share and one half-share warrant. Each whole warrant is exercisable at C$0.225 for two years.
Laurentian Bank Securities Inc., the agent, was paid a C$7,000 cash commission and 56,000 broker warrants for this tranche. Each two-year broker warrant will be exercisable to purchase one unit at the same price as those sold in the offering.
Proceeds will be used to pay down debt, to finance sales growth, to finance development and for general working capital purposes.
Arura is a Montreal pharmaceutical company.
| Issuer: | Arura Pharma Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$3 million (maximum)
|
| Units: | 24 million (maximum)
|
| Price: | C$0.125
|
| Warrants: | One half-share warrant per unit
|
| Warrant strike price: | C$0.225
|
| Warrant expiration: | Two years
|
| Agent: | Laurentian Bank Securities Inc.
|
| Fees: | C$7,000, 56,000 broker warrants
|
| Pricing date: | Oct. 1
|
| Settlement date: | Nov. 5 (for C$1 million), Jan. 3 (for C$515,000)
|
| Stock symbol: | TSX Venture: ARP
|
| Stock price: | C$0.135 at close Sept. 28
|
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