LSL Pharma Group Secures $6.44 Million as the First Closing of Concurrent Non-Brokered Private Placements
Summary
(TSXV: LSL) (the "Corporation" or "LSL Pharma"), a Canadian integrated pharmaceutical company, today announced the closing on March 18, 2024 of non-brokered private placements for $6.44 million representing the first closing of the $8.0 million combined financings announced on March 7, 2024 (the Financing).Pursuant to the Financing, the Corporation has issued 16,086,893 units (the Units) at a price of $0.40 per unit for aggregate gross proceeds of $6,434,758. This Financing will strengthen our balance sheet and provide additional financial flexibility to capitalize on our increased production capacity and commercial expansion into the U.S., said Francois Roberge, President and CEO of the Corporation. The potential for developing first-to-market ophthalmic generic products for the Canadian and U.S. markets has never been greater as we accelerate our development and regulatory initiatives to leverage and maximize our U.S. partnership with Fera Pharmaceuticals, added Mr. Roberge.Insiders of the Corporation (the Insiders) participating into the financing are acquiring a total of 875,000 Units for a subscription price of $350,000. Forward-looking statements are based on a number of assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Corporations ability to control or predict, that could cause actual results or performance to differ materially from those expressed or implied in such forward-looking statements. The Corporation does not undertake to update these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.LSL Pharma Group is an integrated Canadian pharmaceutical company specializing in the development, manufacturing and distribution of natural health products and dietary supplements in solid dosage forms, as well as high-quality sterile ophthalmic pharmaceuticals.