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news.iCo Therapeutics has closed a non-brokered private placement to raise gross proceeds of $1.14 million through the issuance of 3.8 million common shares at a price of $0.30 per share.
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The company intends to use the net proceeds of the offering for general corporate purposes and working capital.
All common shares issued in the private placement will be subject to a four-month hold period, with the exception of 129,000 common shares that are not subject to a trading restriction.