Grey Matters Health (CSE:GREY, OTCQB:AGNPD, FRA:AGW0) has closed a non-brokered private placement of C$1.25 million, with proceeds earmarked to advance its Alzheimer's Disease program and open its first US brain-specific neuroimaging clinic.
The Canadian healthcare company completed the second and final tranche of the offering, raising C$750,000 through the sale of 1.875 million units at C$0.40 per unit. Combined with the first tranche closed on June 5, the offering totalled 3.125 million units.
Proceeds will fund the launch of the company's inaugural US neuroimaging clinic, which will specialize in brain imaging as part of its Alzheimer's research and treatment program, as well as general and administrative expenses and working capital.
Certain company insiders participated in the second tranche for C$449,000. Grey Matters said it relied on exemptions from valuation and minority shareholder approval requirements, as insider participation did not exceed 25% of the company's market capitalization.