Ontario's Profound Medical Corp. plans to raise gross proceeds of C$20 million through a bought-deal offering.

Under the agreement, the underwriters will buy 20 million units priced C$1 apiece. Each unit will comprise 1 common share and 0.5 of a five-year warrant to buy an additional share for C$1.40.

Additionally, the medical device company agreed to grant the underwriters a 30-day overallotment to buy up to an additional 3 million units at the offering price.

The offering is expected to close on or around March 20, subject to certain conditions.

The agreement is between Profound Medical and a syndicate of underwriters led by Canaccord Genuity Corp.