OAKVILLE,
ON, Nov. 3, 2021 /CNW/
- Cardiol Therapeutics Inc. (NASDAQ: CRDL) (TSX:
CRDL) ("Cardiol" or the "Company"), a
clinical-stage biotechnology company focused on developing
anti-inflammatory therapies for the treatment of cardiovascular
disease (CVD), announced today the pricing of its previously
announced public offering (the "Offering") of 16,350,000
units of the Company (the "Units") at a price to the public
of US$3.07 per Unit for gross
proceeds of US$50,194,500, before
deducting the underwriting discounts and commissions and estimated
expenses incurred in connection with the Offering. Each Unit will
be comprised of one Class A common share of the Company (each, a
"Unit Share") and one-half of one Class A common share
purchase warrant of the Company (each, a "Warrant"). Each
Warrant will entitle the holder thereof to purchase one Class A
common share of the Company (each, a "Warrant Share") at a
price of US$3.75 per Warrant Share,
subject to adjustment in certain events, for a period of 36 months
following the closing date of the Offering.
The Company intends to use the net proceeds from the
Offering to advance the Company's research and clinical development
programs, additional product development, and for general corporate
purposes.
Canaccord Genuity and Cantor Fitzgerald (the
"Underwriters") are acting as joint bookrunners in
connection with the Offering.
The Offering is expected to close on or about November 5, 2021, subject to the satisfaction of
customary closing conditions, including the listing of the Unit
Shares to be issued under the Offering and the Warrant Shares to be
issued upon the exercise of any Warrants issued under the Offering
on the TSX and Nasdaq, receipt of any required approvals of each
exchange, and the entering into of an underwriting agreement
between the Company and the Underwriters.
The Offering is being made pursuant to a U.S. registration
statement on Form F-10, declared effective by the U.S. Securities
and Exchange Commissions (the "SEC") on August 4, 2021 (the "Registration
Statement"), and the Company's existing Canadian short form
base shelf prospectus (the "Base Prospectus") dated
August 3, 2021. A preliminary
prospectus supplement relating to the Offering has been filed with
the securities commission in all of the provinces and territories
of Canada, except Quebec, and with the SEC in the United States, and a final prospectus
supplement relating to the Offering (the "Supplement") will
be filed with the securities commissions in all of the provinces
and territories of Canada, except
Quebec, and with the SEC in
the United States. The Supplement
and accompanying Base Prospectus contain important detailed
information about the Offering. The Supplement and accompanying
Base Prospectus can be found on SEDAR at www.sedar.com and on EDGAR
at www.sec.gov. Copies of the Supplement and accompanying Base
Prospectus may also be obtained from Canaccord Genuity LLC, Attn:
Syndicate Department, 99 High Street, Suite 1200, Boston, Massachusetts 02110, or by email at
prospectus@cgf.com or from Cantor Fitzgerald & Co., Attn:
Capital Markets, 499 Park Avenue, 4th floor, New York, New York 10022; Email:
prospectus@cantor.com. Prospective investors should read the
Supplement and accompanying Base Prospectus and the other documents
the Company has filed before making an investment
decision.
This news release shall not constitute an offer to sell or
the solicitation of an offer to buy, nor shall there be any sale of
these securities in any province, state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
province, state or jurisdiction.
About Cardiol Therapeutics
Cardiol Therapeutics Inc. is a clinical-stage
biotechnology company focused on the research and clinical
development of anti-inflammatory therapies for the treatment of
CVD.
Cautionary statement regarding forward-looking
information:
This news release contains "forward-looking information"
under applicable securities laws. All information that addresses
activities or developments that we expect to occur in the future is
forward-looking information. Forward-looking statements are based
on the estimates and opinions of management on the date the
statements are made. In this news release, such forward-looking
statements include, but are not limited to, statements regarding
the Offering, whether and when the Offering may close, and the
anticipated use of proceeds from the Offering. However, they should
not be regarded as a representation that any of the plans will be
achieved. Actual results may differ materially from those set forth
in this news release due to known and unknown risks and
uncertainties affecting the Cardiol, including market conditions,
access to capital, the successful design and completion of clinical
trials, the receipt and timely receipt of all regulatory approvals
and other risks detailed in the Supplement, the accompanying Base
Prospectus and the documents incorporated by reference
therein. Any forward-looking information speaks only
as of the date on which it is made and, except as may be required
by applicable securities laws, Cardiol disclaims any intent or
obligation to update or revise such forward-looking information,
whether as a result of new information, future events or results or
otherwise. Investors are cautioned not to rely on
these forward-looking statements and are encouraged to read the
Supplement, the accompanying Base Prospectus and the documents
incorporated by reference therein.
SOURCE Cardiol Therapeutics Inc.