XORTX Therapeutics (XRTX.V, XRTX) closed its previously announced public offering of 2.7-million common shares or common shares equivalents in lieu thereof at US$1.88 apiece, it said Tuesday.
The company, as part of the offering, had entered into definitive securities purchase agreements with purchasers to which the company issued 183,577 common shares and 2.5-million pre-funded warrants. Each pre-funded warrant will entitle the holder to buy a share for $0.0001 per share.
Proceeds were US$5 million, before deducting placement agent fees and other offering expenses payable by the company, it said. It intends to use the net proceeds for working capital and general corporate needs.
U.S.-listed shares of the company were last seen down 0.4% at US$2.59 in pre-market trading.