Cardiol Therapeutics closes US$50 million public offering

On November 5, 2021, Cardiol Therapeutics Inc. ("Cardiol") announced the closing of its previously announced public offering of 16,350,000 units at a price to the public of US$3.07 per unit for gross proceeds of US$50,194,500. Each unit is comprised of one Class A common share of Cardiol (each, a "Unit Share") and one-half of one Class A common share purchase warrant (each, a "Warrant"). Each Warrant entitles the holder to purchase one Class A common share of Cardiol (each, a "Warrant Share") at a price of US$3.75 per Warrant Share, subject to adjustment in certain events, until November 5, 2024.

Canaccord Genuity and Cantor Fitzgerald acted as joint bookrunners in connection with the offering.

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

Further information can be found on NewsFile’s website.

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