Appili Therapeutics closes C$100,000 private placement second tranche

Appili Therapeutics Inc. (TSX: APLI; OTCPink: APLIF) completed the second tranche of its non-brokered private placement, raising C$100,000 in gross proceeds, according to a company statement.

The Halifax-based biopharmaceutical company issued 4,000,000 units at C$0.025 per unit. Each unit consists of one Class A common share and half of one common share purchase warrant. The warrants, subject to shareholder approval, allow holders to purchase one common share at C$0.05 for 36 months from the closing date.

The Toronto Stock Exchange requires shareholder approval for the warrants before they become exercisable. The company will seek this approval no later than its next Annual General Meeting. Warrant holders cannot vote on this approval. If shareholders reject the warrants, they will not be exercisable.

Appili plans to use the net proceeds for working capital and development of certain product candidates. The company paid C$8,000 in finder fees and issued 320,000 broker warrants for the second tranche closing.

The broker warrants, also requiring shareholder approval, entitle holders to purchase common shares at no less than C$0.02834 each for 24 months from closing. The same approval conditions apply to these warrants.

All securities from the private placement are subject to a four-month and one-day statutory hold period from issuance. The company indicated it will provide updates on any additional closings under the private placement.

Appili Therapeutics develops treatments for infectious diseases and medical countermeasures, with a pipeline that includes an FDA-approved metronidazole suspension, a tularemia vaccine candidate, and a topical antiparasitic treatment.

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