Warrants

DEFSEC Technologies Inc. (DFSC) announced the pricing of a CAD$6.8 million public offering consisting of units with common shares (or pre-funded warrants) and warrants. Each unit, priced at CAD$8.955, includes one share/warrant, with warrants exercisable at CAD$10.52 within five years. H.C. Wainwright & Co. is the placement agent. Closing is expected around July 25, 2025. Net proceeds will be used for working capital and general corporate purposes. The offering, while injecting capital, introduces potential dilution for existing shareholders.

Tharimmune (THAR) announced a $1.74 million registered direct offering consisting of common stock and warrants. Units are priced at $1.786, including one share or pre-funded warrant and a common warrant. President Street Global is the placement agent. Proceeds will fund working capital and general corporate purposes. The offering is expected to close around July 25, 2025. This funding aims to support Tharimmune’s work in immunology and inflammation therapies, including their clinical asset, TH104.

Netcapital (NCPL) announced a registered direct offering of 641,712 shares at $4.675 per share, aiming for $3 million in gross proceeds. A concurrent private placement offers unregistered short-term warrants for up to 641,712 shares at $4.55 each, potentially adding $2.9 million if fully exercised. Slated to close around July 17, 2025, with H.C. Wainwright & Co. as placement agent, the proceeds will repay promissory notes and fund working capital. The offering involves shareholder dilution with potential for further dilution.

Milestone Pharmaceuticals announced an underwritten public offering of common shares with Series A and Series B warrants, plus pre-funded warrants for certain investors. Proceeds will primarily fund the clinical development and U.S. commercial launch of its PSVT treatment candidate, etripamil, while covering working capital. TD Cowen, Piper Sandler, and Wells Fargo Securities are joint bookrunners, with H.C. Wainwright as lead manager. This financing supports Milestone’s transition toward commercialization, though it may dilute existing shareholders.

Aris Mining (TSX: ARIS; NYSE-A: ARMN) reminds holders that its TSX warrants (ARIS.WT.A) expire July 29, 2025. These “in-the-money” warrants (C$5.50 exercise vs. C$9.46 share price) offer immediate value. Approximately 48.2% (28M warrants) have been exercised, generating C$77M. Exercising the remaining 30.2M warrants by the deadline could provide the company an additional C$83M. CEO Neil Woodyer stated this expiry completes capital structure simplification efforts. Warrant holders must act promptly and confirm their broker’s deadlines.

Quince Therapeutics announced a securities purchase agreement to raise approximately $11.5 million upfront, with the potential for an additional $10.4 million if warrants are exercised. The financing, priced at a premium, will fund working capital, R&D, and general corporate purposes, extending its operational runway into Q2 2026 (or potentially H2 2026). The placement is led by Nantahala Capital and is set to close in June 2025.

Venus Concept is raising capital through a registered direct offering. The company aims to raise $1.15 million initially by selling common stock at $2.65 per share, with an additional $2.3 million possible through warrants. The offering, which is expected to close around June 9, 2025, will provide funds for general corporate purposes. Venus Concept, a medical aesthetic technology provider in over 60 countries, offers a range of devices and is driven by investors in the healthcare industry.

Helius Medical Technologies has priced its public offering, offering 2,768,600 shares of Class A common stock equivalents with warrants for an additional 2,768,600 shares at $3.27 per unit. Warrants have a 2.5-year lifespan and an initial exercise price of $7.35. The offering is expected to close June 6, 2025, with gross proceeds of $9.1 million. Maxim Group LLC is the placement agent.