MINNEAPOLIS, MINNESOTA--(Marketwired - Feb 18, 2016) - DiaMedica Inc. (the “Company”) (TSX VENTURE:DMA)(DMCAF) announced today the closing of $610,000 in the first tranche of its previously announced $750,000 non-brokered private placement (the “private placement”) with the remaining balance expected to close in the next few days.
In connection with the private placement, the Company issued 3,812,500 Units. Each Unit consists of one common share in the capital of the Company (each a “Common Share”) and one half of one Common Share purchase warrant (each whole warrant, a “Warrant”), with each Warrant entitling the holder thereof to acquire one additional Common Share at an exercise price of $0.25 per Common Share prior to February 18, 2018. All of the Units issued in connection with the Offering will be subject to a restricted period that expires four months after the issuance date.
Cash finder’s fees of $23,728 were paid on a portion of the financing and 148,300 broker warrants were issued. Each broker warrant entitles the holder thereof to purchase one common share in the capital of the Company for $0.25 per common share prior to February 18, 2018.
The proceeds will be used by the Company to support development with DM199 for the treatment of stroke and vascular diseases and for other working capital purposes.
About DiaMedica
DiaMedica is a publicly traded clinical stage biopharmaceutical company focused on developing novel treatments for vascular diseases, including stroke and metabolic and kidney dysfunction. DiaMedica’s common shares are listed on the TSX Venture Exchange under the trading symbol “DMA” and on the OTCQB under the trading symbol “DMCAF”.
