Voyageur Pharmaceuticals Ltd. (TSX-V: VM) has closed its non-brokered private placement, raising aggregate gross proceeds of $5,005,278.32. The offering, conducted under the Listed Issuer Financing Exemption (LIFE), consisted of 30,935,000 units at $0.10 per unit and 15,931,486 flow-through units at $0.12 per FT unit. Each unit includes one common share and one warrant, while each FT unit includes one flow-through common share and one warrant. Warrants are exercisable at $0.20 per share for 36 months, subject to an acceleration clause if the stock trades at $0.40 or higher for 10 consecutive days after six months.
The company paid finders' fees totaling $337,842.25 in cash and issued 3,135,419 broker warrants. Insider participation accounted for 1.92% of the securities issued, deemed a related-party transaction exempt from formal valuation and minority approval under MI 61-101. The securities are not subject to a hold period under Canadian securities laws but may be legended per TSX Venture Exchange requirements.
Net proceeds will fund FDA licensing for Voyageur's barium contrast product suite, regulatory approvals for its Frances Creek bulk sample extraction, exploration and feasibility work at Frances Creek, U.S. iodine project development, and general corporate purposes. Voyageur, a developer of pharmaceutical-grade barium and iodine for medical imaging, owns a 100% interest in the Frances Creek barite project in Canada, which it believes can replace synthetic barium sulfate with higher-quality, lower-cost natural alternative.
The company aims to become the first vertically integrated radiology contrast media drug manufacturer, controlling raw material sourcing to final production. Its business plan includes partnering with third-party GMP manufacturers to generate cash flow before transitioning to domestic manufacturing. The offering document is available on SEDAR+ and the company's website.
This financing positions Voyageur to advance its regulatory and development milestones, potentially disrupting the synthetic barium market with a natural, cost-effective product.
