iX Biopharma to raise $2.7 mil placing out new shares at premium to current market price

The placement price of 20 cents is a 15% premium to the company’s volume-weighted average price of 17.43 cents on July 12.

The subscription shares will increase the company’s share capital by 1.79% to 764.9 million shares.

iX Biopharma plans to use around 60% of the proceeds for the development, manufacturing and marketing activities required to expand its nutraceutical and medicinal cannabis businesses into new markets including the United States.

The remaining 40% will be set aside for general working capital.

See also: Salt Investments looking for alternative funding after two investors missed placement deadline

iX Biopharma closed at 18 cents, up 2.49% for the day but down 16.67% year to date.