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Cardiol Therapeutics raises C$15.1M in IPO

Cardiol Therapeutics Inc. has raised about C$15.1 million in gross proceeds from its IPO on the Toronto Stock Exchange.

The Oakville, Ontario-based biotechnology issued 3 million units for C$5 apiece in its IPO. Each unit in the offering comprised one common share and a two-year warrant to purchase a common share.

The company also issued an additional 374,544 warrants to underwriters who partially exercised their overallotment option. Warrants issued in the IPO can be exercised for one common share at C$6.50.

Cardiol's shares started trading on the Toronto Stock Exchange on Dec. 20 under the symbol CRDL.

David Elsley, president and CEO of Cardiol, said the funding raised will be used to commercialize the company's pharmaceutically manufactured ultra-pure cannabidiol products in the market for medical cannabinoids.

The IPO was made via a syndicate of underwriters led by AltaCorp Capital Inc. and including Mackie Research Capital Corp., Raymond James Ltd., Echelon Wealth Partners Inc. and Paradigm Capital Inc.