Cardiol Therapeutics Announces Pricing of Public Offering of Common Shares
Cardiol Therapeutics Inc. (TSX: CRDL) (Cardiol or the Company), announced today that it has priced its previously announced underwritten public offering of 10,000,000 common shares (the Offered Shares) of the Company at a price of $2.00 per Offered Share for gross proceeds of $20 million (the Offering).
The Offering is expected to close on September 29, 2021, subject to customary closing conditions. The Company has granted the underwriters a 45-day option to purchase up to an additional 1,500,000 common shares at the offering price to cover over-allotments.
Cardiol intends to use the net proceeds from the Offering for working capital and general corporate purposes, which may include research and development activities, capital expenditures, potential strategic transactions, and other general corporate purposes.
Raymond James Ltd. is acting as the sole bookrunner for the Offering. Bloom Burton Securities Inc. is acting as a co-lead manager for the Offering, along with Mackie Research Capital Corporation.
Cardiol Therapeutics is a clinical-stage biotechnology company focused on the research and commercial development of proprietary drug formulations for the treatment of cardiovascular and pulmonary diseases. The Company’s lead product, CardiolRx™, is formulated to be a pharmaceutically produced oral cannabidiol formulation for patients with cardiovascular diseases.
Investors are cautioned that trading in the securities of Cardiol should be considered highly speculative. The common shares of Cardiol trade on the Toronto Stock Exchange (TSX) under the symbol CRDL.
This news release shall not constitute an offer to sell or the solicitation of an