Profound Medical closes of bought deal financing

On March 20, 2018, Profound Medical Corp. ("Profound") announced that it closed its previously announced bought deal financing for aggregate gross proceeds of C$34.5 million including the exercise of the underwriters' over-allotment option. In total, 34,500,000 units were sold under the offering at a price of C$1.00 per unit. Each unit consists of one common share and one-half of one common share purchase warrant (each full common share purchase warrant, a "Warrant") of Profound. Each Warrant will be exercisable to acquire one common share of the company for a period of five years following the closing date of the offering, at an exercise price of C$1.40 per common share, subject to adjustment in certain events.

The offering was conducted by a syndicate of underwriters led by Canaccord Genuity Corp. and including Paradigm Capital Inc., CIBC World Markets Inc., Beacon Securities Ltd., Echelon Wealth Partners Inc., and Mackie Research Capital Corporation.

The net proceeds of the offering are expected to be used for the following purposes: (i) to advance Profound's clinical trials surrounding its TACT Pivotal Clinical Trial; (ii) for ongoing expansion of infrastructure to execute on global sales and marketing plans with respect to Profound's TULSA-PRO® and Sonavelle® systems; (iii) to support ongoing research and development and continue to invest in additional research and development and acquisitions in order to expand the applications of Profound's current and future platform; and (iv) for general corporate purposes.

Further information can be found on Globe Newswire's website.

Profound Medical is committed to creating the powerful combination of real-time MR-guidance as the imaging platform and ultrasound as the energy source for delivering non-invasive ablative tools to clinicians.