06:22 AM EDT, 07/29/2024 (MT Newswires) -- Rakovina Therapeutics ( RKVTF ) over the weekend said it has closed its oversubscribed non-brokered private placement, raising $2 million.

The company issued around 20 million units at a purchase price of $0.10 per unit. Each unit is composed of one Rakovina common share and one common share purchase warrant entitling the holder to subscribe for and purchase one common share at $0.20 for a three-year period from the date of issuance.

If the closing price for the common shares on the TSX Venture Exchange is $0.25 or greater for five consecutive trading days, Rakovina will have the right to accelerate the expiry date of the warrants.

The proceeds from the private placement will be used to further the company's artificial intelligence-fueled drug candidate research.