Jaguar Health Inc. entered two purchase agreements with L2 Capital LLC.
The company entered a share purchase agreement for 2 million shares and a common stock purchase agreement relating to a 10-million-share equity line offering.
Under the share purchase deal, Jaguar Health offered the voting common stock at 25 U.S. cents apiece via a registered direct offering, for net proceeds of about $490,000.
The common stock purchase agreement is related to an equity line offering of up to 12,100,000 shares of Jaguar common stock. The company is issuing the 10 million common shares as an equity line of credit at 52 cents per share, with the remaining 2.1 million as commitment shares.
Further, Jaguar Health may issue an additional 1 million commitment shares to increase the equity line of credit by an additional 7,808,142 common shares.
Proceeds from the sale will be used to fund the ongoing commercialization of Jaguar Health's antidiarrheal drug Mytesi and for working capital and general corporate purposes.
