Canguard Pharma Inc. announced a private placement of 1 million units at 26 cents perunit.
The units were placed with investor Ventures West III Canada Limited Partnership, whichwill hold about 35 percent of the Vancouver, British Columbia, company's issued andoutstanding common stock once the placement is approved by the Vancouver Stock Exchange.
The units each consist of one common share and one non-transferable share purchasewarrant exercisable for one year into one additional common share. All shares purchasedwill be subject to a one-year trading restriction. Ventures West will also invest up to anadditional $156,320 against the first $390,800 committed in private placements prior toDec. 31.
Canguard (VSE:CGD) will use these funds to develop its second treatment for Parkinson'sand to continue development and commercialization of its other products. The company saidit expects the funding to help it seek more financing from a wider investor audience.