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Exchange Bulletin

Cardiol Therapeutics Inc. (CRDL, CRDL.WT) To Trade On Toronto Stock Exchange


December 18, 2018

Issuer: Cardiol Therapeutics Inc. (the "Company")

SecuritySymbolIssued and Outstanding SecuritiesReserved Securities
Class A common shares ("Common Shares") CRDL 22,726,712 11,323,671
Class A common

Share purchase warrants ("Warrants")

CRDL.WT 3,000,000 450,000
Listing category: Industrial, Non Exempt Issuer
Trading currency: CDN$
Transaction: Initial public offering of Units (the "Offering").
Listing date: December 19, 2018 (as at 5:01 pm) in anticipation of closing of the Offering.
Anticipated closing date: December 20, 2018 (prior to the opening)
Posted for trading date: December 20, 2018 (at the opening) subject to confirmation of closing of the Offering.
Other market(s): None
Designated market maker: AltaCorp Capital Inc.
Security ownership registration: Non-certificated inventory system administered by CDS.
Investor relations: Trevor Burns
905-491-6793
Email: trevor.burns@cardiolrx.com
Incorporation: Business Corporations Act (Ontario)
Fiscal year end: December 31
Nature of business: Cardiol Therapeutics is a leader in the research and commercial development of pharmaceutical cannabinoids for heart failure, cancer, and quality of life. The Company is leveraging its expertise in pharmaceutical cannabinoids to develop proprietary formulations for three important medical markets: (1) commercializing a line of pharmaceutically manufactured pure cannabidiol products at >99.5% purity and less than 10 ppm THC; (2) developing nanotechnologies designed to deliver cannabinoids and other anti-inflammatory drugs for the treatment of heart failure; (3) pursuing an innovative cancer immunotherapeutic in combination with cannabinoids for treating Glioblastoma Multiforme.
Transfer agent and registrar: Computershare Investor Services Inc. in Toronto for the Common Shares and Computershare Trust Company of Canada ("Computershare Trust") in Toronto for the Warrants.
Dividends: The Company does not anticipate paying cash dividends on the Common Shares in the foreseeable future.
Sponsorship: AltaCorp Capital Inc.
Disclosure document: Prospectus dated December 14, 2018 which is available at www.SEDAR.com.
Initial public offering: The Offering will be comprised of a treasury offering by the Company of 3,000,000 units ("Units") at an offering price of $5.00 per Unit (the "Offering Price") for gross proceeds of $15,000,000 to the Company. Each Unit consists of one Common Share and one Warrant. The Units will separate immediately upon issuance. In addition, the Company has granted the Underwriters an option (the "Over-Allotment Option") to purchase an additional 450,000 Units from the Company at the Offering Price.
Principal Terms of the Warrants:
Exercise price: $6.50 per Common Share
Expiry: The Warrants expire on the date that is the earlier of (i) 24 months after the closing date of the Offering, and (ii) the date specified in any Warrant Acceleration Notice (as hereinafter defined).

If, at any time, the volume-weighted average trading price of the Common Shares is equal to or greater than $10.00 for any 10 consecutive trading day period, the Company may provide written notice to Computershare Trust and the registered holders of Warrants (a "Warrant Acceleration Notice") that the expiry time of the Warrants shall be accelerated to the date which is not less than 15 trading days after the date of such Warrant Acceleration Notice, subject to TSX approval.
Transfer Agent for the Warrants: Computershare Trust Company of Canada.
TSX contact: Julie K. Shin, Managing Director, Toronto Stock Exchange.