In the deal, which was announced in late February, the Mississauga, Ontario-based company said it planned to offer 20 million units at a price of $1 million per unit.
Each unit in the round consisted of a single common share and one-half of a common share purchase warrant, with each warrant exercisable to acquire one common share of the company for five years past the closing date at a price of $1.40 per share.
The offering was conducted by a syndicate of underwriters led by Canaccord Genuity and joined by Paradigm Capital, CIBC World Markets, Beacon Securities, Echelon Wealth Partners and Mackie Research Capital Corporation.
Funds are slated to support the advancement of clinical trials surrounding its Tact pivotal clinical trial, as well as to expand its infrastructure and marketing plans related to its Tulsa-Pro and Sonavelle systems. Funds may also be used to support further R&D and for general corporate purposes, according to a press release.