Voyageur Pharmaceuticals Closes $5 Million Private Placement to Advance Barium and Iodine Contrast Products
Voyageur Pharmaceuticals has closed a $5 million private placement, raising funds for FDA licensing of its barium contrast suite and development of its Frances Creek barite project and U.S. iodine project.
Voyageur Pharmaceuticals Ltd. (TSX-V: VM) has closed its non-brokered private placement, raising total aggregate gross proceeds of $5,005,278.32, the company announced on June 5, 2026. The offering, conducted under the Listed Issuer Financing Exemption (LIFE Exemption), consisted of 30,935,000 units at $0.10 per unit and 15,931,486 flow-through units at $0.12 per FT unit.
Each unit includes one common share and one warrant, with each warrant entitling the holder to purchase one common share at $0.20 for 36 months. The warrants are not exercisable until 70 days after issuance and include an acceleration clause if the common share closing price on the TSX Venture Exchange reaches or exceeds $0.40 for 10 consecutive trading days after six months from issuance. Each FT unit also includes one common share issued on a flow-through basis under the Income Tax Act (Canada) and one warrant.
The net proceeds will be directed toward FDA licensing for Voyageur's barium contrast product suite, regulatory approvals for the Frances Creek bulk sample extraction, exploration and feasibility work at Frances Creek, U.S. iodine project development, and general corporate purposes. The company has developed five barium contrast products that already hold Health Canada licenses.
Voyageur aims to become the first vertically integrated company in the radiology contrast media drug market, controlling all primary input costs from raw material sourcing to final production. The company owns a 100% interest in the Frances Creek barium sulfate (barite) project, which management believes contains a rare, high-grade mineral suitable for replacing synthetic products with higher-quality, lower-cost imaging products.
In connection with the offering, the company paid cash commissions of $192,040 and issued 1,920,400 broker warrants for the units, and $145,802.25 in cash commissions with 1,215,019 broker warrants for the FT units. The broker warrants for units are exercisable at $0.10 per share for 12 months, while those for FT units are exercisable at $0.12 per share for 12 months.
Insiders subscribed for 900,000 units, representing 1.92% of the securities issued, increasing their non-diluted ownership of outstanding common shares to 0.41%. The participation is considered a related party transaction under Multilateral Instrument 61-101 but is exempt from formal valuation and minority shareholder approval requirements as the fair market value does not exceed 25% of the company's market capitalization.
The securities issued under the LIFE Exemption are not subject to a hold period under Canadian securities laws but may be subject to hold periods per TSXV requirements. Completion of the offering remains subject to final acceptance by the TSX Venture Exchange.
The offering document under the LIFE Exemption is available on the company's website and on SEDAR+ at www.sedarplus.ca under Voyageur's issuer profile.