Voyageur Pharmaceuticals Ltd. (TSX-V: VM) has closed its non-brokered private placement, raising aggregate gross proceeds of $5,005,278.32, the company announced on June 5, 2026. The offering consisted of 30,935,000 units at $0.10 per unit and 15,931,486 flow-through units at $0.12 per FT unit, with each unit comprising one common share and one warrant, and each FT unit comprising one flow-through common share and one warrant. The warrants are exercisable at $0.20 per share for 36 months and include an acceleration clause if the share price reaches $0.40 for 10 consecutive trading days after six months.
The financing was conducted under the Listed Issuer Financing Exemption, allowing the securities to be issued without a hold period under Canadian securities laws. A copy of the offering document is available on SEDAR+ and the company's website. The company paid cash commissions of $192,040 and issued 1,920,400 broker warrants for the units, and $145,802.25 in cash and 1,215,019 broker warrants for the FT units. The offering remains subject to final acceptance by the TSX Venture Exchange.
Proceeds will be allocated to FDA licensing for Voyageur's barium contrast product suite, regulatory approvals for a bulk sample extraction at the Frances Creek project, exploration and feasibility work at Frances Creek, U.S. iodine project development, and general corporate purposes. Insiders subscribed for 900,000 units, representing 1.92% of the securities issued, increasing their non-diluted ownership to 0.41%. The participation is considered a related party transaction under MI 61-101 but is exempt from formal valuation and minority approval requirements as it does not exceed 25% of the company's market capitalization.
Voyageur is developing pharmaceutical-grade barium and iodine active pharmaceutical ingredients for medical imaging contrast media. The company owns a 100% interest in the Frances Creek barite project in Canada, which it believes contains high-grade mineral suitable for replacing synthetic barium sulfate in pharmaceuticals. By vertically integrating from raw material sourcing to final production, Voyageur aims to become the first company in the radiology contrast media market to control all primary input costs, following its motto "From the Earth to the Bottle."
