Zomedica Pharmaceuticals (
TSX: V.ZOM,
Forum) significantly strengthened its books when the company announced on August 25, 2016, that it had closed the first tranche of its recently announced non-brokered private placement of up to 10.0 million common shares at $1.50 per common share.
According to the
news release, an aggregate of 3,342,480 common shares have been issued for aggregate gross proceeds of just over $5.0 million. All common shares issued in connection with this financing are subject to a customary four-month hold period, expiring on December 26, 2016.
The balance of the offer remains on-going.
Gross proceeds from this financing will directed toward advancement and further development of its therapeutic pipeline, potential acquisitions, furthering intellectual property, capital markets activities and expenditures, and general working capital purposes.
Zomedica Pharmaceuticals was in the news recently when
the company announced financial results from Q2 2016 less than a week ago.
FULL DISCLOSURE: Zomedica Pharmaceuticals is a Stockhouse Publishing client.