Quest PharmaTech received $1,666,667 of funding through an exercise of the same number of share purchase warrants.
Quest PharmaTech (TSXV:QPT) received $1,666,667 of funding through an exercise of the same number of share purchase warrants.
As quoted in the press release:
$281,667 of the funding proceeds, representing 16.9% of the total proceeds, were received from two officers and one independent director of the Company, who participated in the warrant exercise.
The warrants were originally issued on August 10, 2015 as part of a private placement unit offering of common shares and share purchase warrants and were due to expire on August 10, 2017. All participants in this private placement converted their warrants, prior to expiry, into common shares of the Company (including 2,816,670 warrants held by insiders of the Company).