Medical device company Aurora Spine has closed the private placement of its common shares and warrants to institutional investors for $6,508,139.40 Canadian dollars, or $5,075,166.22, the company said Sept. 20.
As part of the private placement, Aurora Spine issued 11,220,930 common shares and common warrants to purchase up to 8,415,697 for $0.45 per common share and associated common warrants.
The deal entitles buyers of common warrants to purchase shares for $0.59 each within three years.
The company said it will use the net proceeds from the deal for sales; marketing; research and development; and working capital requirements.