XORTX Therapeutics Closes US$5M Offering with 183,577 Shares and 2.48M Warrants
XORTX Therapeutics closed a US$5 million public offering by issuing 2,659,574 units—183,577 common shares and 2,475,997 pre-funded warrants—at US$1.88 each. Net proceeds will fund working capital, corporate activities and US$2.5 million for investor relations marketing, pending TSXV approval.
1. Public Offering Details
XORTX issued a total of 2,659,574 common share equivalents at US$1.88 each, comprising 183,577 common shares and 2,475,997 pre-funded warrants, to raise gross proceeds of US$5 million. E.F. Hutton & Co. acted as exclusive placement agent, earning a US$200,000 cash commission.
2. Pre-Funded Warrant Terms
Each pre-funded warrant entitles the holder to acquire one common share at an exercise price of US$0.0001 per share, allowing immediate share acquisition upon exercise and minimal further capital outlay.
3. Planned Use of Proceeds and Approval
Net proceeds are earmarked for working capital and general corporate purposes, including US$2.5 million allocated to IR Agency LLC for marketing and investor relations. The closing of the offering remains subject to final approval by the TSX Venture Exchange.