Wednesday, June 07, 2023
Gregory Aurand, Senior Vice President, Equity Research Analyst, Healthcare Services & Medical Devices, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
2nd Tranche. The Company announced Monday they had closed a 2nd tranche for $288,000 (currencies in Canadian $). This tranche, on the back of the closed $3.86 million 1st tranche announced previously, consisted of gross cash proceeds of $41,250 and $241,141 in convertible debt conversions that had matured May 1, 2023. In this 2nd tranche, 1.922608 million units at $0.15 per unit were issued. Each unit consisted of one share of common and one purchase warrant exercisable at $0.35 per share.
Clarification To Company May 5, 2023 Press Release And Correction. In the Company’s press release Monday June 5, 2023, it was clarified that the $3.86 million non-brokered 1st tranche placement, which closed early May, consisted of $1.267 million in gross cash proceeds and debt conversions of $2.589 million. While the two tranches remove $2.84 million in liabilities, gross cash proceeds from the tranches totaled approximately $1.31 million. In our prior noted dated June 1, 2023, we indicated ChitogenX raised $5.3 million subsequent to its fiscal January 31, 2023 yearend. However, gross cash proceeds were approximately $3.0 million.
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