Antibe Therapeutics Inc. closed the first tranche of its private placement with gross proceeds of C$2.4 million.

The company sold 16,178,299 units for 15 cents apiece. Each unit comprised 1 common share and 0.5 common share purchase warrant. Each whole warrant allows the holder to acquire an additional common share for 22 cents apiece until Dec. 15, 2018.

For the nonbrokered part of the offering, Antibe sold 2,011,667 units and raised proceeds of C$301,750. Additionally, insiders of the corporation and their affiliates subscribed for 1.3 million units with total cash consideration of C$195,000.

Dominick Inc., the broker for the private placement, received cash commission equal to C$162,054 and 1,138,088 broker warrants. Each broker warrant allows the holder to purchase 1 common share for 15 cents per share until June 15, 2018.