XORTX Therapeutics Inc. announced a non-brokered private placement to issue common share units on February 15, 2024. Each unit will consists of one common share, no par value, and one warrant, with each warrant to purchase one common share at CAD 4.50 per common share for a period of two years. The common shares and warrants contained in the common share units are immediately separable upon issuance. The warrants have an initial exercise price of CAD 4.50 per share, will be immediately exercisable, and may be exercised for two years from the date of issuance, provided, however that, if, the common shares on the TSX Venture Exchange trade at greater than CAD 6 for 10 or more consecutive trading days, the Warrants will be accelerated and the Warrants will expire on the 30th business day following the date of such notice.

On the same day, the company issued 824,767 common share units at a price of CAD 3 per common share unit for the gross proceeds of up to CAD 2,474,301 in its first tranche. In connection with the offering, the company paid finder?s fees of CAD 122,208, representing a 5% finder?s fee on certain subscriptions in the offering to qualified finders. The company anticipates that a second tranche closing under the same terms of the offering will close on or about February 20, 2024.