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Voyageur Announces Private Placement Extension and New Flow-Through Financing

Tickers: XTSX:VM, PINX:VYYRF
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CALGARY, Alberta - TheNewswire - December 23, 2019 - Voyageur Pharmaceuticals Ltd. (TSXV:VM) (OTC:VYYRF) (the "Company" or "Voyageur") is pleased to report that it recently closed the third tranche of its previously announced private placement (the "Offering"), receiving aggregate gross proceeds of $95,100 from the issuance and sale of 1,268,000 units ("Units") at a price of $0.075 per Unit. Each Unit consists of one common share and one common share purchase warrant (each, a "Warrant") entitling the holder thereof to purchase one common share at an exercise price of $0.20 for a period of two years from the closing of the Offering. The Warrants also contain an acceleration clause, in that if the shares trade over $0.25 for more than a 10-day period, the Company may elect upon 30 days' notice, to accelerate the expiry date. Proceeds will be used for general corporate purposes.

Voyageur is also pleased to report that the TSX Venture Exchange (the "TSXV") has granted an extension for the Company to complete the Offering until January 23, 2020.

The closing of the Offering is subject to regulatory approval, including the approval of the TSXV. The securities underlying the Units issued under the Offering will be subject to a statutory hold period of four months plus one day from their respective closing date, in accordance with applicable securities legislation.

The Company is also pleased to announce its plans to issue and sell up to 625,000 flow-through units of the Company ("FT Units") at a price of $0.08 per FT Unit for aggregate gross proceeds of up to $50,000 (the "FT Unit Offering"). Each FT Unit will consist of one flow-through common share of Voyageur (each, a "FT Share") and one common share purchase warrant (each, a "FT Warrant") entitling the holder thereof to purchase one common share of Voyageur (each, a "FT Warrant Share") at an exercise price of $0.20 for two years following closing. The FT Warrants will also contain an acceleration clause, in that if the shares trade over $0.25 for more than a 10-day period, the Company may elect upon 30 days' notice, to accelerate the expiry date. The Company will pay finders fees to qualified finders of 8% cash and 8% shares. Proceeds will be for Canadian Exploration Expenses, as defined in the Income Tax Act (Canada).

The closing of the FT Unit Offering is subject to regulatory approval, including the approval of the TSXV. The securities underlying the FT Units issued under the FT Unit Offering will be subject to a statutory hold period of four months plus one day from their respective closing date, in accordance with applicable securities legislation.

About Voyageur

Voyageur Pharmaceuticals Ltd. is a Canadian public company listed on the TSX Venture Exchange under the trading symbol VM. Voyageur is focused on the development of barite and iodine API minerals for the pharmaceutical market.

Near-term cash flow is anticipated to be achieved through the recently signed joint venture with a world-class pharmaceutical manufacturer, Chief Medical Supply Ltd. The agreement contemplates turn key manufacturing, bottling and distribution of barium and iodine radiopharmaceuticals for MRI, X-ray and CT scan applications.

Voyageur owns a 100% interest in three barium sulfate (barite) deposits including two properties suitable in grade for the industrial barite market, including interests in a high-grade iodine, lithium & bromine brine project in Utah, USA.

About ImagingX Pharmaceuticals

ImagingX Pharmaceuticals Ltd ("IXP") is a gross revenue sharing joint venture company between Voyageur and Chief Medical Supply Ltd ("CMS"). CMS provides high quality, competitively priced pharmaceuticals and hemodialysis products to pharmacies and hospitals across Canada. Operating from both its 81,000 square-foot plant in Calgary, Alberta and its 163,000 square-foot facility in Mississauga, Ontario, CMS can supply products coast-to-coast. Regulated by Health Canada and complying with the Canadian Food and Drug Act, CMS has both drug and medical device establishment licenses issued by Health Canada. CMS currently has the combined bottling capacity of 760,000 bottles per day and has a turn-key sterile bottle line ready for IXP iodine contrast production.

IXP will employ a strategy of selling competitively priced radiopharmaceuticals for MRI, X-ray and CT scan applications. IXP main focus is barium and iodine based products. The joint venture obligations are for Voyageur to provide the minerals for the products and CMS manufactures the products. The partners split gross revenue 50%/50%. By partnering together, IXP's strategy is to be highly competitive by controlling all input costs.

"From the Earth to the Bottle"

For further information, please contact:

Steven R. Livingston

Vice President, Finance

Cell: (403)471-1659

Office: (587)779-6166

Cautionary Note Regarding Forward-Looking Statements:

This news release contains certain statements or disclosures relating to the Company that are based on the expectations of its management as well as assumptions made by and information currently available to the Company which may constitute forward-looking statements or information ("forward-looking statements") under applicable securities laws. All such statements and disclosures, other than those of historical fact, which address activities, events, outcomes, results or developments that the Company anticipates or expects may, or will occur in the future (in whole or in part) should be considered forward-looking statements. In some cases, forward-looking statements can be identified by the use of the words "will", "intend", "expect", "anticipated" and similar expressions. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

In particular, but without limiting the foregoing, this news release contains forward-looking statements pertaining to the following: the Offering; the extension by which the Offering must be completed; the

closing of the Offering; the Units, closing of any additional tranches of the Offering; the Warrants; the FT Unit Offering; the FT Units; the FT Warrants; the use of proceeds from the Offering and the FT Unit Offering; jurisdictions where the Offering and the FT Offering will be made; finder's fees; prospectus and registration exemptions; strategies for development, sales and distribution of products; expectations related to cash flow; and the ability for Voyageur to meet its joint venture obligations.

The forward-looking statements contained in this news release are made as of the date hereof and the Company undertakes no obligations to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (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 (as defined in the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration is available.

NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA OR TO US WIRE SERVICES

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