XORTX Finalizes $2.7 Million Prospectus Supplement and Concurrent Private Placement for the Offering of Units

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CALGARY, Alberta, March 04, 2024 (GLOBE NEWSWIRE) -- XORTX Therapeutics Inc. (“XORTX” or the “Company”) (NASDAQ: XRTX | TSXV: XRTX | Frankfurt: ANU), a late stage clinical pharmaceutical company focused on developing innovative therapies to treat progressive kidney disease, is pleased to announce a second tranche closing (the “Second Tranche Closing”) of gross proceeds of CAD $224,850 under previously announced offering, including CAD $99,000 in a concurrent private placement of the Company in connection with international subscribers.

The Company completed the Second Tranche Closing under the same terms of the previously announced first tranche closing on February 15, 2024 (the “First Tranche Closing”). The Second Tranche Closing of the non-brokered offering comprised 74,950 common share units (“Common Share Units”) at CAD $3.00 per Common Share Unit, with each Common Share Unit consisting of one common share, no par value, and one warrant (“Warrant”) to purchase one common share at CAD $4.50 per common share for a period of two years for aggregate gross proceeds of CAD $224,850, prior to deducting offering expenses (the “Offering”).

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 (“TSXV”) trade at greater than CAD $6.00 for 10 or more consecutive trading days, the Warrants will be accelerated and the Warrants will expire on the 30^th business day following the date of such notice.

In connection with the Second Tranche Closing, the Company paid finder’s fees of CAD $10,342.50, representing a 5% finder’s fee on certain subscriptions in the Offering to qualified finders.

Completion of the Second Tranche Closing concludes the Offering under the Company’s prospectus supplement. Pursuant to the First Tranche Closing and the Second Tranche Closing, the Company raised aggregate gross proceeds of CAD $2,699,151 prior to deducting Offering expenses, comprised 899,717 Common Share Units. The Company intends to use the net proceeds from the Offering for general corporate and working capital purposes.