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Cardiol Therapeutics Inc. (NASDAQ: CRDL) is pleased to announce that it has entered into a sales agreement (the “ATM Agreement”) with Canaccord Genuity LLC and Cantor Fitzgerald & Co. (the “Commercial agents”) for a market offer program (the “ATM Program”).
The ATM Agreement will allow the Company to offer and sell up to US$50 million of common stock of the Company (the “Shares offered“) under the ATM Programme. The Offered Shares may be offered and sold by the Company to the public from time to time, through the sales agents. The Offered Shares sold under the ATM Programme, if applicable , will be sold through broker transactions on the Nasdaq Capital Market (the “Nasdaq“) or on any other trading market for common shares in the United States at the prevailing market prices at the time of sale. No Offered Shares will be offered or sold through the Toronto Stock Exchange or otherwise in Canada.
The timing and extent of use of the ATM Program will be at the discretion of the Company and the Company has no obligation to sell shares under the ATM Program. As a result, the aggregate gross proceeds from offerings under the ATM Program could be less than US$50 million. The ATM Program will be in effect until the earlier of the issuance and sale of all Offered Shares issuable under the ATM Program and March 8, 2024, unless terminated earlier. date by Cardiol or sales agents.
The sale of the shares offered through the ATM program will be effected pursuant to a prospectus supplement dated June 9, 2022 to the Company’s Canadian final base shelf prospectus dated February 8, 2022 and the United States final base shelf prospectus of the Company dated February 8, 2022. 2022 contained in the Company Registration Statement, Form F-10 (File No. 333-262342), as amended and effective February 8, 2022, filed in each of the Provinces and territories of Canada and the United States with the United States Securities and Exchange Commission (the “SECOND“). As stated in the Prospectus Supplement, the Company intends to use the net proceeds of such sales under the ATM Program for working capital and other general corporate purposes. , including the development of CardiolRx™ and other product candidates Current and potential investors should read the Base Shelf Prospectus in the Registration Statement, together with the Market Offering Prospectus Supplement and the other documents the Company has filed with the SEC to obtain more complete information about Cardiol and the ATM program.
A copy of the prospectus supplement and the accompanying base shelf prospectus relating to these securities may be obtained by visiting SEDAR at www.sedar.com and on EDGAR at www.sec.gov. Copies may also be obtained by contacting: Canaccord Genuity LLC, Attn: Syndicate Department, 99 High Street, Suite 1200, Boston, Massachusetts 02110, or by email at [email protected] or from Cantor Fitzgerald & Co., Attn: Capital Markets, 499 Park Avenue, 4e floor, New York, New York 10022; E-mail: [email protected].
The Toronto Stock Exchange has conditionally approved the ATM program and Nasdaq has been notified of the ATM program.
This press release does not constitute an offer to sell or the solicitation of an offer to buy, and there will be no sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.