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Hemostemix to raise up to C$8M through private placements

Hemostemix Inc. signed a deal with Wood Capital Ltd. to raise a minimum of C$4 million and up to a maximum of C$8 million through private placements.

The private placement may consist of an accredited rights offering and notice circular rights offering or the issuance of subscription receipts.

The clinical-stage biotechnology company will also receive C$4.4 million through a nonbrokered senior secured debt financing in one or more tranches from Wood Capital, which will run concurrent to the private placement.

The financing is expected to help the company rebuild its management team, support the phase 2 trial and consolidate its multilayered credit.