11:07 AM EDT, 06/27/2024 (MT Newswires) -- LSL Pharma Group ( LPGIF ) on Thursday said it raised $1.5 million in the first tranche of its non-brokered private placement of share units.

The company placed 3.73-million units in the financing, with each priced at $0.40 and made up of a Class A share and a two-year warrant to buy a second share for $0.70.

Proceeds will be used to expand production capacity at each of the LSL Laboratory and Steri-Med Pharma plants and for general working capital purposes

"LSL Pharma ( LPGIF ) is experiencing continuous organic growth as well as expansion of its operations following the recent acquisition of Virage Sante. This financing will help us maintain a healthy balance sheet as we continue executing our growth plan," chief executive Francois Roberge said in release.

The company's shares were last seen up $0.015 to $0.49 on the TSX Venture Exchange.

Price: 0.49, Change: +0.02, Percent Change: +3.16