Voyageur Pharmaceuticals Ltd. (TSX-V: VM) announced today that it has closed its non-brokered private placement, issuing 30,935,000 units at $0.10 per unit and 15,931,486 flow-through units at $0.12 per FT unit, for aggregate gross proceeds of $5,005,278.32. The offering was conducted under the Listed Issuer Financing Exemption (LIFE Exemption), and this closing represents the final tranche.
Each unit consists of one common share and one warrant, with each warrant exercisable at $0.20 for 36 months. FT units include a flow-through common share and one warrant. The company paid cash commissions of $192,040 and issued 1,920,400 broker warrants for units, plus $145,802.25 and 1,215,019 broker warrants for FT units. The securities are not subject to a hold period under Canadian securities laws but may be subject to TSX Venture Exchange requirements.
Proceeds will fund FDA licensing for Voyageur's barium contrast product suite, regulatory approvals for the Frances Creek bulk sample extraction, exploration and feasibility work at Frances Creek, U.S. iodine project development, and general corporate purposes. The Frances Creek project holds a rare high-grade barite mineral suitable for pharmaceutical-grade barium sulfate, which management believes could replace synthetic products with higher quality and lower cost.
Insiders subscribed for 900,000 units, representing 1.92% of the securities issued, increasing their non-diluted ownership to 0.41%. The participation is considered a related-party transaction under MI 61-101 but is exempt from formal valuation and minority approval requirements as the fair market value does not exceed 25% of the company's market capitalization. The board unanimously approved the offering, with non-participating directors supporting it.
The offering document is available on SEDAR+ and the company's website. Voyageur aims to become the first vertically integrated company in the radiology contrast media drug market, controlling raw material sourcing to final production. The company holds five Health Canada licenses for barium contrast products and plans to partner with GMP manufacturers to generate cash flow before transitioning to domestic manufacturing.
Forward-looking statements in this release involve risks including regulatory approvals, market conditions, and the ability to realize anticipated benefits. The company cautions that actual results may differ materially from expectations.
