Key facts
- ME Therapeutics plans to raise up to $500,000 through a private placement.
- The offering includes up to 294,117 units at $1.70 per unit.
- Each unit consists of one common share and one warrant.
- Warrants are exercisable at $2.00 for three years.
- Warrants may be accelerated if the share price reaches $3.00 for ten consecutive days.
ME Therapeutics Holdings Inc., a biotechnology company focused on developing novel cancer fighting drugs, announced a non-brokered private placement aiming to raise gross proceeds of up to $500,000. The offering will involve the issuance of up to 294,117 units at a price of $1.70 per unit. Each unit comprises one common share and one non-transferable common share purchase warrant. Each warrant grants the holder the right to purchase an additional common share at an exercise price of $2.00 for a period of three years from the issuance date. The company has included an acceleration clause for the warrants, allowing them to potentially shorten the expiry date if the volume-weighted average price of the shares remains at or above $3.00 for ten consecutive trading days, provided 30 days' notice is given.