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DiaMedica plans C$1M placement of units

DiaMedica Therapeutics Inc. plans to raise about C$1 milllion through a nonbrokered private placement of 2,985,075 units priced at 33.5 Canadian cents apiece.

Each unit comprises 1 common share and half of a 24-month warrant to buy 1 additional common share for 35 U.S. cents, or about 45 Canadian cents.

The placement, which remains subject to TSX Venture Exchange approval, is scheduled to close by Dec. 15.

DiaMedica will use proceeds to support the phase 2 clinical development of DM199 for acute ischemic stroke as well as for other working capital purposes.