Medipharm Labs Closes $33.4 Million Bought Deal Financing

Medipharm Labs (TSX: LABS) has closed the bought deal financing that it announced and then later upsized earlier this week. The company managed to raise total gross proceeds of $33.4 million under the financing.

The financing saw units of the company sold at a price of $0.58, with each unit containing one common share and one common share purchase warrant. Each warrant is valid for a period of 2 years from the date of issuance at a price of $0.70 per common share.

The financing saw a total of 57.5 million units sold, while the over-allotment option was exercised in full.

Proceeds from the financing are to be used to expand the firms product portfolio, pharmaceutical registrations, R&D for clinical trials, sales and marketing, as well as working capital and general corporate purposes.

Medipharm Labs last traded at $0.49 on the TSX.

.Information for this briefing was found via Sedar and Medipharm Labs. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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