XORTX Therapeutics Inc. (NASDAQ: XRTX) is presently witnessing a significant upsurge in its stock value on the US stock market. This surge denotes a notable increase of 28.86%, reaching $4.55 for XORTX stock, as per the latest update during the ongoing trading session. The catalyst behind this surge is the finalization of a strategic equity move.
XORTX (XRTX) has disclosed the completion of a second tranche closing, yielding gross proceeds of CAD $224,850, as part of a previously announced offering. This figure includes CAD $99,000 from a concurrent private placement involving international investors.
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The terms of the Second Tranche Closing mirror those of the initial tranche closing, which occurred on February 15, 2024. The Second Tranche Closing, a non-brokered offering, involved 74,950 common share units priced at CAD $3.00 per unit. Each Common Share Unit comprises one common share, no par value, and one warrant enabling the purchase of one common share at CAD $4.50 per share within a two-year period.
The total gross proceeds amounted to CAD $224,850 before accounting for offering expenses. Notably, the common shares and warrants within the Common Share Units are separable upon issuance. Warrants have a two-year validity period from the date of issuance and are immediately exercisable at CAD $4.50 per share.
In any event, the warrants will expire 30 days after such notification if the TSX Venture Exchange common shares surpass CAD $6.00 for ten consecutive business days. Furthermore, the Company paid out CAD $10,342.50 in finder’s fees, which amounts to a 5% finder’s fee on certain subscriptions in the offering.
With the conclusion of the Second Tranche Closing, the Offering under the Company’s prospectus supplement is complete. In total, the Company has raised gross proceeds of CAD $2,699,151 from both the First and Second Tranche Closings, prior to deducting offering expenses, involving 899,717 Common Share Units. These proceeds are earmarked for general corporate and working capital purposes.
