Voyageur Pharmaceuticals Ltd. (TSX-V: VM) announced Friday the closing of its non-brokered private placement, raising aggregate gross proceeds of $5,005,278.32. The offering, conducted under the Listed Issuer Financing Exemption, 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. FT units similarly include a flow-through common share and a warrant. The company may accelerate warrant expiry if shares trade at or above $0.40 for 10 consecutive days after six months. Finders received cash commissions and broker warrants exercisable at $0.10 or $0.12 for 12 months.
Proceeds will fund FDA licensing for Voyageur's barium contrast product suite, regulatory approvals for Frances Creek bulk sample extraction, exploration and feasibility work at Frances Creek, U.S. iodine project development, and general corporate purposes. The company aims to become a vertically integrated supplier of pharmaceutical-grade barium and iodine for medical imaging contrast media, controlling raw material sourcing through final production.
Related party participation included insiders subscribing for 900,000 units, representing 1.92% of securities issued. The transaction is exempt from formal valuation and minority approval requirements under MI 61-101 as it involves less than 25% of market capitalization.
The offering closed in two tranches, with final acceptance from the TSX Venture Exchange pending. Securities are not subject to a hold period under Canadian securities laws but may be legended per TSXV requirements. The company has not filed a material change report more than 21 days before closing due to late settlement of related party participation details.
Voyageur owns a 100% interest in the Frances Creek barium sulfate project, which it believes offers a rare high-grade mineral suitable for replacing synthetic barium products with higher quality, lower cost imaging agents. The company has five barium contrast products with Health Canada licenses and plans to partner with GMP manufacturers before transitioning to domestic production.
The full offering document is available on SEDAR+ (www.sedarplus.ca) and the company's website.
