Chemaphor Inc. (TSX-V:CFR) is looking to raise approximately $1 million through the stock markets to fund its organic chemistry research.
The Ottawa-based company, which develops products for the animal health, skin-care cosmetics, pharmaceutical and specialty chemical markets, today announced plans to seek the funds, subject to demand for subscriptions, by way of a non-brokered equity private placement.
However, the volatility of the current market environment prompted Chemaphor to warn that the closing of the private placement is still "speculative" at this point.
"The definitive terms, total amount and pricing of the private placement will be determined through consultation with Chemaphor's advisers and potential subscribers," the company's statement read.
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