Profound Medical closes $10-million bought deal

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Profound Medical (TSXV:PRN; OTCQX:PRFMF) closed a bought deal financing for total proceeds of $10-million.

The company sold 10 million units at a price of $1 each, with each unit consisting of one common share of Profound and one-half of a warrant. Each warrant can be exercised to acquire an additional common share for $1.40 until Sept. 20, 2020.

The financing was completed through a syndicate of underwriters led by Echelon Wealth Partners and including, CIBC World Markets.

Net proceeds are expected to be used to advance Profound’s clinical trial of its TULSA-PRO device, to advance global sales and marketing plans for its TULSA-PRO and Sonalleve devices, and for working capital and general corporate purposes.