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DelMar Pharmaceuticals prices $6.8M common stock, warrants offering

DelMar Pharmaceuticals Inc. priced an offering of securities to raise about $6.8 million in gross proceeds.

The company will issue 6,750,000 common shares and an equal number of warrants, for a combined price of $1 each. The five-year warrants are immediately exercisable at $1 per common share.

Some investors will receive a pre-funded warrant instead of a common share.

Maxim Group LLC is acting as the book-running manager and Dawson James Securities Inc. is acting as a co-manager.

The Vancouver, Canada-based biopharmaceutical company also granted underwriters a 45-day option to buy up to an additional 1,012,500 common shares and warrants to buy up to 1,012,500 common shares at the same price.

The offering is expected to close on or about Aug. 16.

DelMar Pharmaceuticals develops anti-cancer therapies to treat cancer patients who have failed to respond to modern therapy.