Onco-Innovations Limited (CBOE CA: ONCO) (OTCQB: ONNVF) announced the closing of its previously disclosed non-brokered private placement, securing a notional subscription amount of approximately CAD$5 million from Sorbie Bornholm LP and Sorbie Investments LLP. The financing involves the issuance of 7.94 million units at a notional price of CAD$0.63 per unit, with each unit comprising one common share and one warrant exercisable at CAD$0.77 for three years. The proceeds will be made available through an 18-month sharing arrangement tied to the volume-weighted average trading price of the company's shares, with monthly settlement amounts varying based on market performance.
The company intends to use the net proceeds to advance development of its ONC010 program, including manufacturing and preclinical activities, support continued development of its SynoGraph platform, and provide working capital for general corporate purposes. This strategic capital infusion underscores Onco-Innovations' focus on oncology research and treatment, particularly targeting solid tumors through its exclusive worldwide license to patented technology.
For more details, the full press release is available at https://ibn.fm/1Hrlg. Updates on the company can be found in its newsroom at https://ibn.fm/ONNVF.
