08:43 AM EDT, 03/19/2024 (MT Newswires) -- LSL Pharma Group Inc. ( LPGIF ) said Tuesday that it secured $6.44 million in the first closing of its $8.0 million combined financings.

The company issued 16,086,893 units priced at $0.40 apiece. Each unit consists of one class A share and one warrant. Each warrant is exercisable at $0.70 per share for 36 months.

LSL said it will use the proceeds to further expand its production capacity at its laboratories and Steri-Med pharma plants, as well as for general working capital purposes.

"This financing will strengthen our balance sheet and provide additional financial flexibility to capitalize on our increased production capacity and commercial expansion into the US," President and CEO Francois Roberge said.

The company lost 3.6% yesterday.