07:17 AM EDT, 06/27/2024 (MT Newswires) -- Else Nutrition Holdings ( BABYF ) late on Wednesday said it plans to raise US$2 million ($2.7 million) via an offering of 13.2 million units at US$0.151 apiece.

A healthcare-focused institutional investor will purchase the units, which are comprised of one common share and one common share purchase warrant. Each warrant will be exercisable immediately to buy one common share at US$0.151 apiece and will expire five years after issuance.

The company plans to use the proceeds to fund research and development, fund sales and marketing, acquire inventory, and general corporate purposes.

The shares were unchanged on Wednesday at $0.21.