Xortx Therapeutics prices 3.41M units at 88c in private placement

XORTX Therapeutics (XRTX) announces a non-brokered private placement to raise up to $3,000,000 through the issuance of up to 3,409,090 common share units of the Company at a price of 88c per unit. Each Unit will comprise one common share and one common share purchase warrant. Each Warrant will entitle the holder, on exercise, to purchase one additional common share in the capital of the Company, at a price of $1.20 per Warrant until the close of business on the day which is 60 months from the Closing Date, provided, however, that if the closing price of the common shares on the Nasdaq is greater than $2.00 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 subject to approval of the TSX Venture Exchange. The net proceeds from the Offering will be used to advance XORTX’s programs for gout and for working capital and general corporate purpose.