VM:CC - Voyageur Pharmaceuticals Ltd. Announces Closing of Over Subscribed $1Million Private Placement and Issuance of Shares for Debt
(TheNewswire)
Calgary, Alberta – TheNewswire - June 16, 2022: Voyageur Pharmaceuticals Ltd. (TSXV:VM) ( OTC :VYYRF) (the " Company " or " Voyageur ") ispleased to announce that, further to its news releases dated May 26and 31, 2022, it has completed its non-brokered private placement ofunits of the Company (" Units ") at a price of $0.10 per Unit,issuing 11,570,000 Units for aggregate gross proceeds of $1,157,000(the " Offering "). Each Unit is comprised of one(1) common share (" CommonShare ") and one (1) share purchase warrant(" Warrant ") of Voyageur. Each whole Warrant entitles the holderthereof to purchase one Common Share for $0.20 expiring two (2) yearsfrom the date of the closing of the Offering. The Warrants include anacceleration provision whereby if the Common Shares trade at a priceequal to or greater than $0.30 per Common Share for a period of 10consecutive trading days, Voyageur may accelerate the expiry of theWarrants.
The net proceeds of the Offering will be used toadvance the product roll out of Health Canada licensed products forsales in Canada.
Pursuant to the closing of the Offering, Voyageur paidcash commissions to qualified non-related parties in the aggregateamount of $37,825 and issued an aggregate of 378,250 broker warrantsentitling the holder to acquire one Common Share at a price of $0.10per share for a period of one (1) year from the date of issuance.
Completion of the Offering is subject to regulatoryapproval including, but not limited to, the approval of the TSXVenture Exchange. The Common Shares, Warrants and Broker Warrantsissued will be subject to a four month hold period from the date ofthe closing of the Offering.
Shares for Debt
The Company also announces that, further to its newsrelease dated May 10, 2022, it has issued a total of 848,183 CommonShares at a deemed price of $0.11 per Common Share for payment ofoutstanding debts of $93,300 owed to creditors of the Company and theoutstanding debts have now been extinguished.
The Common Shares issued by the Company have a holdperiod of four months and one day from the date of issuance inaccordance with applicable securities legislation.
About Voyageur
Voyageur is a Canadian public company listed on theTSXV under the trading symbol VM. Voyageur is focused on thedevelopment of barite and iodine Active Pharmaceutical Ingredients("API") and high-performance cost-effective imaging contrastagents for the medical radiology marketplace. Voyageur’s goal is toinitially generate positive cash flow from operations using thirdparty GMP pharmaceutical manufacturers in Canada and internationally.Ultimately, Voyageur has plans to build all the requiredinfrastructure to become 100% self-sufficient with all manufacturing.Voyageur owns a 100% interest in three barium sulphate (barite)projects including the Frances Creek property, suitable in grade forthe pharmaceutical barite marketplace, with interests in a high-gradeiodine, lithium & bromine brine project located in Utah,USA.
Voyageur is moving forward with its business plan ofbecoming the only fully integrated company in the radiology medicalfield, by controlling all primary input costs under the motto of:"From the Earth to the Bottle".
For Further MediaInformation or to set up an interview, please contact:
BrentWillis
President &CEO
www.voyageurpharmaceuticals.ca
Ron Love
CFO
T403.818.6086
NOT FOR RELEASE IN THE UNITED STATESOF AMERICA
This news release does not constitute an offer to sellor the solicitation of an offer to buy any securities in the UnitedStates. Any securities referred to herein have not been and will notbe registered under the United States Securities Act of 1933 (the"1933 Act") and may not be offered or sold in the UnitedStates or to or for the account or benefit of a U.S. person in theabsence of such registration or an exemption from the registrationrequirements of the 1933 Act and applicable U.S. state securitieslaws.
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this news release.
Cautionary Statement Regarding"Forward-Looking" Information
This news releasemay contain certain forward-looking information and statements,including without limitation, the closing of the Offering, statementspertaining to the use of proceeds, and the Company's ability to obtainnecessary approvals from the TSX Venture Exchange. All statementsincluded herein, other than statements of historical fact, areforward-looking information and such information involves variousrisks and uncertainties. There can be no assurance that suchinformation will prove to be accurate, and actual results and futureevents could differ materially from those anticipated in suchinformation. A description of assumptions used to develop suchforward-looking information and a description of risk factors that maycause actual results to differ materially from forward-lookinginformation can be found in the Company's disclosure documents on theSEDAR website at www.sedar.com. Voyageur does not undertake to updateany forward-looking information except in accordance with applicablesecurities laws.
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