Entheon Biomedical Corp. (OTCQB:ENTBF) announced a non-brokered private placement financing for up to 30,000,000 Units at a price of CDN$0.10 per unit, for gross proceeds of up to CDN$3,000,000.
Each unit will consist of one common share in the capital of the company and one transferable share purchase warrant. Each warrant will be exercisable to acquire one additional share for a period of 36 months from the date of issue. The exercise price will be CDN$0.15 per share in year one, and CDN$0.25 in the two following years.
According to the company, the goal of the private placement is to finance research and development activities, general working capital and corporate purposes with its proceedings.
Earlier this year, Entheon had announced the approval by Dutch authorities of a Phase 1 clinical trial on DMT.
