Canguard Pharma announced last week that it has raised $324,427 in working capital through a number of privatetransactions.
The Canadian company (VSE:CGD) placed 800,000 units at 29cents each with certain investors. The units each consist of onecommon share and one non-transferable share purchasewarrant.
A set of five warrants will be exercisable for a maximumperiod of one year to purchase one additional common share at38 cents per share. All shares purchased under this privateplacement will be subject to a one-year trading restriction.
Moreover, Ventures West III Canada Limited Partnership,which agreed to purchase 1 million units from Canguard at 26cents per unit in late July, will now exercise 320,000 warrantsto purchase an equal number of common shares at 29 cents pershare upon closing of the current private placement.
Ventures West has now invested about $840,000 in Canguardsince November 1992.
Canguard, which is developing drugs for diseases of thenervous system, will use the new funds for its productdevelopment programs.
(c) 1997 American Health Consultants. All rights reserved.