Eupraxia Prices Its Overnight Marketed Offering

Eupraxia Pharmaceuticals Inc EPRX EPRXF priced its previously announced overnight marketed public offering, where Eupraxia will issue 6.29 million units for C$2.05 per unit for gross proceeds of ~C$12.9 million.
Each unit will consist of one common share and one common share purchase warrant. Each Warrant will entitle the holder to acquire one common share of EPRC for 48 months from the closing of the offering at C$3.00.
The company will grant the agents an over-allotment option to sell up to an additional 15% of the units sold under the offering.
The offering will be conducted according to Eupraxia's Canadian base shelf prospectus dated January 10, 2022.
The company plans to use the offering proceeds for ongoing research & development activities, including the clinical development of EP-104IAR, other preclinical and clinical targets, for working capital and general capital purposes.
The offering is expected to close on or about April 20, 2022.
Price Action: EPRX shares are trading lower by 20.49% at C$1.63 on TSX on the last check Tuesday.