Tuesday, January 16, 2024 8:16:10 AM
https://www.globenewswire.com/news-release/2024/01/15/2809090/0/en/XORTX-Announces-2-Million-Public-Offering.html
CALGARY, Alberta, Jan. 15, 2024 (GLOBE NEWSWIRE) -- XORTX Therapeutics Inc. (“XORTX” or the “Company”) (NASDAQ: XRTX | TSXV: XRTX | Frankfurt: ANU), a late stage clinical pharmaceutical company focused on developing innovative therapies to treat progressive kidney disease, announces the filing of a prospectus supplement on a non-brokered offering of up to 666,667 common share units (“Common Share Units”), with each Common Share Unit consisting of one common share, no par value, and one warrant (“Warrant”) to purchase one common share at $4.50 per common share for a period of two years for aggregate gross proceeds of up to $2 million, prior to deducting offering expenses (the “Offering”). The common shares and Warrants contained in the Common Share Units are immediately separable upon issuance. The Warrants have an initial exercise price of $4.50 per share, will be immediately exercisable, and may be exercised for two years from the date of issuance, provided, however that, if, the common shares on the TSX Venture Exchange (“TSXV”) trade at greater than $6.00 for 10 or more consecutive trading days, the Warrants will be accelerated and the Warrants will expire on the 30th business day following the date of such notice.
The Offering is expected to close on or about January 25, 2024, subject to satisfaction of customary closing conditions.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
The Company also announces that it has entered into a consulting agreement with Plutus Bridge Capital Inc. (“Plutus”) to provide social media marketing and related services in accordance with TSXV policies (the “Consulting Agreement”). Plutus is an independently owned public relations and capital markets consultancy firm based in Vancouver, British Columbia. In connection with the engagement, the Company has advanced US$25,000 plus applicable taxes to cover the start-up costs associated with the public relations campaign and related services. A further budget will be required to expand the program at the discretion and approval of the Company. The engagement is for an initial term of six months until June 30, 2024. The Consulting Agreement can be extended by mutual consent and can be terminated by either party on 30 days written notice. XORTX and Plutus are unrelated and unaffiliated entities. Plutus has informed the Company that it currently has no present, direct or indirect, interest in XORTX or any securities of XORTX.
Recent XRTX News
- Form 20-F - Annual and transition report of foreign private issuers [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/10/2024 08:10:54 PM
- XORTX Reprices Warrants Issued in Connection with Previous Private Placements • GlobeNewswire Inc. • 04/30/2024 05:54:49 PM
- XORTX Announces Publication of Key Research in ADPKD • GlobeNewswire Inc. • 04/22/2024 11:00:00 AM
- XORTX Welcomes New Member to the Board of Directors • GlobeNewswire Inc. • 04/08/2024 11:30:00 AM
- XORTX Announces Participation in Spring 2024 Investor Conferences • GlobeNewswire Inc. • 04/08/2024 11:00:00 AM
- XORTX Announces New Clinical Advisory Board Member • GlobeNewswire Inc. • 03/27/2024 09:00:00 AM
- XORTX Highlights Achievements of 2023 and Preparation for Registration Clinical Trial • GlobeNewswire Inc. • 03/19/2024 09:00:00 AM
- XORTX Reprices Warrants Issued in Connection with Previous Private Placements • GlobeNewswire Inc. • 03/11/2024 11:00:00 AM
- XORTX Finalizes $2.7 Million Prospectus Supplement and Concurrent Private Placement for the Offering of Units • GlobeNewswire Inc. • 03/04/2024 12:00:00 PM
- XORTX Raises $2.5 Million Under Prospectus Supplement and Concurrent Private Placement for the Offering of Units • GlobeNewswire Inc. • 02/15/2024 12:00:00 PM
- XORTX Files an Amended and Restated Prospectus Supplement for the Offering of Units • GlobeNewswire Inc. • 02/02/2024 01:46:09 AM
- XORTX Announces $2 Million Public Offering • GlobeNewswire Inc. • 01/15/2024 12:00:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 01/03/2024 12:25:58 PM
- XORTX Submits a New Patent for the Treatment of Chronic Kidney Disease • GlobeNewswire Inc. • 01/03/2024 12:00:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 01/02/2024 01:12:44 PM
- XORTX Welcomes New Member to the Board of Directors • GlobeNewswire Inc. • 01/02/2024 12:00:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 11/30/2023 09:04:02 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 11/30/2023 12:30:05 PM
- XORTX Announces US ATM Offering • GlobeNewswire Inc. • 11/30/2023 12:30:00 PM
- Form 424B5 - Prospectus [Rule 424(b)(5)] • Edgar (US Regulatory) • 11/30/2023 02:57:42 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 11/29/2023 12:00:05 PM
- XORTX Meets Nasdaq Continued Listing Requirements • GlobeNewswire Inc. • 11/29/2023 12:00:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 11/13/2023 12:00:11 PM
- XORTX Clarifies Timing for Share Consolidation • GlobeNewswire Inc. • 11/10/2023 12:00:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 11/08/2023 10:00:08 PM
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