Voyageur Pharmaceuticals Ltd. (TSX-V: VM) announced the closing of its non-brokered private placement, raising aggregate gross proceeds of $5,005,278.32. The offering consisted of 30,935,000 units at $0.10 per unit and 15,931,486 flow-through units at $0.12 per FT unit. Each unit includes one common share and one warrant, with FT units issued on a flow-through basis. The warrants are exercisable at $0.20 per share for 36 months, subject to an acceleration clause if the share price reaches $0.40 for 10 consecutive trading days after six months.
The company plans to use the net proceeds for FDA licensing of its barium contrast product suite, regulatory approvals for the Frances Creek bulk sample extraction, exploration and feasibility work at Frances Creek, U.S. iodine project development, and general corporate purposes. Voyageur is developing pharmaceutical-grade barium and iodine active pharmaceutical ingredients for medical imaging contrast media, aiming to vertically integrate production from raw materials to final drugs.
Insiders subscribed for 900,000 units, representing 1.92% of the securities issued. The participation is considered a related party transaction under MI 61-101 but is exempt from formal valuation and minority approval requirements as the fair market value does not exceed 25% of the company’s market capitalization. The offering was completed under the Listed Issuer Financing Exemption, and the securities are not subject to a hold period under Canadian securities laws but may be subject to TSX Venture Exchange requirements.
Finder fees included cash commissions of $192,040 for unit issuances and $145,802.25 for FT unit issuances, along with broker warrants exercisable at $0.10 and $0.12 per share for 12 months. The company filed an amended offering document on SEDAR+ (www.sedarplus.ca) and its website.
Voyageur owns a 100% interest in the Frances Creek barium sulfate project, which it believes offers a rare high-grade mineral that could replace synthetic products with higher quality, lower cost imaging agents. The company’s strategy includes partnering with third-party GMP manufacturers to validate products and eventually transitioning to domestic manufacturing. Voyageur aims to become the first vertically integrated company in the radiology contrast media drug market, controlling all primary input costs.
