08:37 AM EDT, 06/14/2024 (MT Newswires) -- BetterLife Pharma ( BETRF ) said on Friday that it raised $530,000 in a non-brokered private placement.

Under the offering, the biotechnology company issued 5.3 million units at $0.10 apiece.

Each unit is comprised of one common share and one warrant. Each warrant allows the holder to buy one common share at an exercise price of $0.13 at any time up to 24 months from the closing of the offering.

The company plans to complete an additional tranche of the non-brokered private placement for gross proceeds of up to $100,000 to be issued in units. Each unit comprises one common share and one common share purchase warrant.

The company's shares rose 4.4% to $0.12 in Canada yesterday.