Cardiol Therapeutics closes C$22 million bought deal offering

On May 12, 2021, Cardiol Therapeutics Inc. (“Cardiol”) announced its completed bought deal public offering of units for aggregate gross proceeds of C$22 million.

Under the offering, the Cardiol sold a total of 6,112,000 Units at a price of C$3.60 per unit. Each unit consisted of one Class A common share and one-half of one common share purchase warrant (each full warrant, a "Warrant"). Each Warrant entitles the holder thereof to acquire one common share at a price of C$4.60 per Warrant share for a period of 36 months from issuance.

Cardiol intends to use the net proceeds from the offering to advance its research and clinical development programs, for additional commercial product development, and for general corporate purposes.

The offering was completed by a syndicate of underwriters led by Raymond James Ltd., as lead underwriter and sole bookrunner and included Leede Jones Gable Inc. and ATB Capital Markets Inc.

Further information can be found on Newsfile’s website.

Cardiol Therapeutics Inc. is a clinical-stage biotechnology company focused on the research and clinical development of innovative anti-inflammatory therapies for the treatment of cardiovascular disease.