NurExone closes private placement raising C$627,795

NurExone Biologic Inc. (TSXV: NRX) (OTCQB: NRXBF) has closed a non-brokered private placement of 1,012,573 units at C$0.62 per unit, raising gross proceeds of approximately C$627,795, according to a press release. The closing remains subject to TSX Venture Exchange approval.

Each unit consists of one common share and one common share purchase warrant. Each warrant allows the holder to purchase one additional common share at C$0.78 for a period of 36 months from the closing date, subject to an acceleration provision.

The acceleration clause allows NurExone to shorten the warrant expiry to 30 days after written notice if the volume weighted average trading price of its common shares on the TSXV equals or exceeds C$1.55 for any 20 consecutive trading days.

The company said proceeds will be used for general working capital purposes. No insiders participated in the offering and no finder's fees were paid. All securities issued are subject to a statutory hold period of four months and one day from the closing date.

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