XORTX Announces $2 Million Public Offering CALGARY, Alberta, Jan. 15, 2024 (GLOBE NEWSWIRE) -- XORTX Therapeutics Inc. (“XORTX” or the “Company”) (NASDAQ: XRTX | TSXV: XRTX | Frankfurt: ANU), a late stage clinical pharmaceutical company focused on developing innovative therapies to treat progressive kidney disease, announces the filing of a prospectus supplement on a non-brokered offering of up to 666,667 common share units (“Common Share Units”), with each Common Share Unit consisting of one common share, no par value, and one warrant (“Warrant”) to purchase one common share at $4.50 per common share for a period of two years for aggregate gross proceeds of up to $2 million, prior to deducting offering expenses (the “Offering”). The common shares and Warrants contained in the Common Share Units are immediately separable upon issuance. The Warrants have an initial exercise price of $4.50 per share, will be immediately exercisable, and may be exercised for two years from the date of issuance, provided, however that, if, the common shares on the TSX Venture Exchange (“TSXV”) trade at greater than $6.00 for 10 or more consecutive trading days, the Warrants will be accelerated and the Warrants will expire on the 30th business day following the date of such notice.
The Offering is expected to close on or about January 25, 2024, subject to satisfaction of customary closing conditions.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
The Company also announces that it has entered into a consulting agreement with Plutus Bridge Capital Inc. (“Plutus”) to provide social media marketing and related services in accordance with TSXV policies (the “Consulting Agreement”). Plutus is an independently owned public relations and capital markets consultancy firm based in Vancouver, British Columbia. In connection with the engagement, the Company has advanced US$25,000 plus applicable taxes to cover the start-up costs associated with the public relations campaign and related services. A further budget will be required to expand the program at the discretion and approval of the Company. The engagement is for an initial term of six months until June 30, 2024. The Consulting Agreement can be extended by mutual consent and can be terminated by either party on 30 days written notice. XORTX and Plutus are unrelated and unaffiliated entities. Plutus has informed the Company that it currently has no present, direct or indirect, interest in XORTX or any securities of XORTX.
https://www.globenewswire.com/news-release/2024/01/15/2809090/0/en/XORTX-Announces-2-Million-Public-Offering.html