DelMar Pharmaceuticals Announces $5.6 Million Private Placement Of Preferred Shares

DelMar Pharmaceuticals (OTCQX:DMPI) announced a closing of a private placement of Preferred Shares for gross proceeds of $5.6 million, and the restructuring of 2,095,238 warrants. These steps enable DelMar to substantially improve its balance sheet, remove a significant portion of the derivative liability from its balance sheet and help position the Company to qualify to list its common stock on a senior exchange.
DelMar Pharmaceuticals Chairman and CEO, Jeffrey Bacha, stated:

We believe the structure of this preferred share financing, with no warrants, provides motivation for our investors to maintain a long-term interest in our shares as we continue to build our company. This infusion of new capital and the decrease in derivative liability are part of a broader strategy to pursue a senior listing, a goal that we believe will allow us to attract a wider range of institutional investors and increase share liquidity, which in turn should increase shareholder value.

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