On January 10, 2018, XORTX Therapeutics Inc. (CNSX:XRX) closed the transaction. The company has amended the terms of the transaction now it has issued 3,914,740 units at CAD 0.50 per unit for gross proceeds of CAD 1,957,370. Each unit consists of one post consolidation common share and one share purchase warrant. Each warrant entitles the holder to acquire one additional common share at CAD 0.80 per share until January 9, 2020. The transaction included participation from new investor Cato BioVentures. The unit warrants are subject to a forced exercise provision whereby, shares trade on the exchange at a closing price of greater than CAD 1.20 per share for a period of 10 consecutive trading days at any time after four months and one day after the closing date of the transaction, the company may accelerate the expiry date of the warrants by giving notice to the holders thereof by way of a news release and, in such case, the warrants will expire on the 30th day after the date of dissemination of such news release. The securities issued are subject to hold period of four months expiring on May 10, 2018. The company paid finder’s fee of CAD 45,000 and issued 90,000 warrants.