Aequus Pharmaceuticals Inc (CVE:AQS) (OTCMKTS:AQSZF) has closed its previously announced offering, raising around $2.35 million to invest in the medical cannabis space and advance its products through regulatory applications.
The specialty pharmaceutical firm issued 2,348 convertible debenture units at $1,000 a pop.
Each unit comprises one 9.5% unsecured convertible debenture of Aequus and 2,380 common share purchase warrants.
Each convertible debenture can be converted into company shares at $0.21 per debenture share, with interest payable semi-annually in arrears on June 30 and December 31 of each year and maturing May 2, 2022.
Each warrant allows the holder the right to buy one share at an exercise price of $0.22 each at any time up to May 2, 2022.
The bulk of the proceeds are aimed to be used for regulatory applications.
Funds will also go towards the launch of the recently announced Medicom products, investments in the medical cannabis space, initiation of the Trokendi clinical study, working capital and general corporate purposes.
Based in Vancouver, Aequus has several commercial products in ophthalmology and transplant in its pipeline and a development stage pipeline in neurology and psychiatry. Its most recent addition to the pipeline was a long-acting form of medical cannabis.
The offering was led by Mackie Research Capital Corporation.
Contact Giles at [email protected]