ME Therapeutics Holdings Inc. (CSE: METX) (FSE: Q9T) announced a non-brokered private placement to raise gross proceeds of up to $500,000 through the issuance of up to 294,117 units at $1.70 per unit.

Each unit consists of one common share and one non-transferrable common share purchase warrant. The warrants are exercisable into additional shares at $2.00 each for three years from issuance, subject to an acceleration clause if the volume weighted average share price reaches or exceeds $3.00 for ten consecutive trading days.

The Vancouver-based biotechnology company plans to use proceeds for advancing research and development, evaluating strategic transactions, pursuing a U.S. listing, marketing, investor relations expenditures, working capital requirements and general corporate purposes.

The shares and warrants will be subject to a hold period expiring four months and one day from the issuance date. Insider participation is expected, though specific details have not been confirmed. The company reserves the right to increase the offering size to issue up to 588,235 units at $1.70 per unit, raising gross proceeds of up to $1,000,000, subject to investor interest.

Completion of the offering remains subject to compliance with applicable securities laws and Canadian Securities Exchange policies. ME Therapeutics develops therapeutics designed to reprogram immune cells to reshape tumor microenvironments and recognize cancer cells.

The information is based on a company press release statement.