- Relay (RELA) has completed the second portion of its non-brokered private placement financing
- Each warrant entitles the holder to purchase an additional common share at an exercise price of C$0.30 on or before May 16, 2021
- Through the first and second tranches of the offering the company has raised over $7.8 million and issued around 39 million units
- This news arrives on the tail end of Relay and Glow LifeTech releasing successful clinical results from a Phase II trial of its MyCell Technology COVID-19 treatment
- Relay Medical opened 8.06 per cent down for 28 cents per share
Relay Medical (RELA) has closed the second tranche of its private placement for gross proceeds of over C$2.75 million.
In addition to Relay Medicals’ press releases on December 18, 2020, and January 8, 2021, Relay completed the second portion of its non-brokered private placement financing.
This was made possible through the issuance of over 13.6 million units at a price of C$0.20 per unit.
Every unit is made up of one common share in the capital of Relay and one common share purchase warrant.
In reference to the January 8, 2021 press release. Gross proceeds raised from the offering was to be used for the working capital and general corporate purposes.
The securities issued are subject to a hold period until May 9, 2021.
The total gross proceeds raised through the first and second tranches of the offering is over $7.8 million through the insurance of 39 million units.
Regarding the latest news, each warrant entitles the holder to purchase an additional common share at an exercise price of $0.30 on or before May 16, 2021.
Select eligible persons were paid with a cash commission just under $39,000 and were also issues an aggregate of over 194 thousand non-transferrable broker warrants.
This news arrives on the tail end of Relay and Glow LifeTech releasing a successful Phase II of clinical results for COVID-19 treatment based on MyCell Technology.
In Relay’s trial, the company express how results “demonstrate major health impacts on patients, and how ArtemiC MyCell ingredients open potential market opportunities for a wide range of diseases related to cytokine storm such as influenza, autoimmune diseases, inflammatory GI diseases and chemotherapy patients.”
Over the past five years, Relay Medical has managed to stay in the green overall.
Relay Medical opened 8.06 per cent down for 28 cents per share.
