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XORTX Therapeutics Raising US$5 Million in a Public Offering; Shares Down 8.9%

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XORTX Therapeutics (XRTX.V, XRTX) on Thursday said it will raise US$5 million in a public offering of share and pre-funded warrants.

The company said it will offer up to 2.6-million share or prefunded warrants priced at US$1.88.

The pre-funded warrants have an exercise price of US$0.0001 per share, will be immediately exercisable, and will terminate once exercised in full, said the company.

The offering is expected to close on or about May 15.

The company's shares were last seen down C$0.27 to C$2.76 on the TSX Venture Exchange.

Price: $2.76, Change: $-0.27, Percent Change: -8.91%

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