3DS raises $3.9-million in oversubscribed private placement
3D Signatures (TSX-V:DXD) issued 5,187,618 units under a brokered private placement at a price of 75 cents a unit for gross proceeds of about $3.9-million, including a partial exercise of an over-allotment option.
Each unit issued consists of one common share and one warrant, with each warrant entitling the holder to purchase one additional common share at a price of 92 cents until Dec. 16, 2018. The company can accelerate the expiry date of the warrants under certain conditions.
A syndicate of agents led by Haywood Securities, and including Canaccord Genuity and Mackie Research Capital brokered the private placement.
3DS intends to use net proceeds to fund clinical trials and for working capital and general corporate purposes.