Profound Medical announces pricing of public offering of common shares

Profound Medical Corp. announced the pricing of its previously announced underwritten public offering of 2,666,667 common shares at a price to the public of US$7.50 per Common Share, led by healthcare focused institutional investors. Gross proceeds to the Company from the Offering are expected to be approximately US$20,000,000, prior to deducting underwriting discounts and commissions and other expenses related to the Offering, assuming no exercise of the underwriter’s over-allotment option.

Titan Partners Group, a division of American Capital Partners, is acting as the sole bookrunner for the Offering.

The Offering is expected to close on or about January 2, 2024. Closing of the Offering will be subject to a number of customary conditions including, but not limited to, the listing of the Common Shares on the Toronto Stock Exchange and any required approvals of that exchange, as well as notice of the listing of the Common Shares on Nasdaq in accordance with the rules of that exchange, and there can be no assurance as to whether or when the Offering may be completed.

The net proceeds of the Offering are expected to be used: (i) to fund the continued commercialization of the TULSA-PRO® system in the United States, (ii) to fund the continued development and commercialization of the TULSA-PRO® system and the Sonalleve® system globally, and (iii) for working capital and general corporate purposes.

The Company intends to file a final prospectus supplement (the “Final Supplement”) to its short form base shelf prospectus dated March 23, 2022 (the “Base Shelf Prospectus”) in the United States and Canada relating to the proposed Offering.

The Final Supplement will be filed with the securities commissions or similar securities regulatory authorities in each of the provinces and territories of Canada. The Final Supplement will also be filed with the U.S. Securities and Exchange Commission (the “SEC”) as part of the Company’s effective registration statement on Form F-10 (file no. 333-263248), as amended (the “Registration Statement”), previously filed under the multijurisdictional disclosure system adopted by the securities regulatory authorities in Canada and in the United States.
MB Bureau