Voyageur Pharmaceuticals Closes $5 Million Private Placement for FDA Licensing and Project Development

Voyageur Pharmaceuticals Ltd. (TSX-V: VM) announced Friday the closing of its non-brokered private placement, raising total aggregate gross proceeds of $5,005,278.32. The offering, conducted under the Listed Issuer Financing Exemption (LIFE), consisted of 30,935,000 units at $0.10 per unit and 15,931,486 flow-through units at $0.12 per FT unit.

Each unit includes one common share and one warrant exercisable at $0.20 for 36 months, while each FT unit comprises one flow-through common share and one warrant with the same terms. The warrants are not exercisable until 70 days after issuance and contain an acceleration clause allowing the company to shorten the expiry to 60 days if the share price reaches $0.40 for 10 consecutive trading days after six months.

The company paid cash commissions of $192,040 and issued 1,920,400 broker warrants in connection with the units, and $145,802.25 in cash and 1,215,019 broker warrants for the FT units. The securities issued under the LIFE Exemption are not subject to a statutory hold period under Canadian securities laws but may be legended per TSX Venture Exchange requirements.

Voyageur plans to use the net proceeds for FDA licensing of its barium contrast product suite, regulatory approvals for the Frances Creek bulk sample extraction, feasibility work at Frances Creek, U.S. iodine project development, and general corporate purposes. The company, a developer of pharmaceutical-grade barium and iodine for medical imaging contrast media, aims to become the first vertically integrated company in the radiology contrast media drug market.

Insiders subscribed for 900,000 units, representing 1.92% of the securities issued, increasing their non-diluted ownership to 0.41%. The participation constituted a related party transaction under Multilateral Instrument 61-101, but the company is exempt from formal valuation and minority shareholder approval requirements as the transaction’s fair market value does not exceed 25% of market capitalization.

The offering was unanimously approved by the board, including directors who did not subscribe. A copy of the amended offering document is available on SEDAR+ and the company’s website at Voyageur Pharmaceuticals.

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