Algernon Pharmaceuticals Inc. (CSE:AGN) (FRA:AGW) (OTCQB:AGNPF), a clinical-stage pharmaceutical development company has announced a non-brokered private placement of 10,800,000 units for total proceeds of C$2,700,000.
The company said it will use the proceeds of the private placement for general corporate purposes.
READ: Algernon Pharmaceuticals contracts Hammersmith Medicines Research for Phase 1 DMT stroke study; adds to leadership
Each unit in the placements is comprised of one common share at a price of $.25 and one share purchase warrant exercisable at a price of $0.40 per share for a period of 24 months from the closing date. The warrants are subject to accelerated expiry in the event the daily volume-weighted average trading price of Algernon's common shares equals or exceeds C$0.80 on the Canadian Securities Exchange for ten consecutive trading days.
The company said it will pay a commission and/or finder’s fee of 8% cash and 8% warrants to qualified finders. The securities issued under the private placement will be subject to a hold period of four months and a day from closing.
In a separate statement, Algernon Pharmaceuticals also announced that its CEO Christopher J. Moreau and DMT Consultant Dr David Nutt will be discussing the company’s DMT Stroke Clinical Research Program on an upcoming BioPub webcast to be held on Wednesday, March 3, 2021, hosted by Dr KSS at 1.00pm EST. BioPub has been analyzing small-cap special situation biotech investments for seven years to readers in over 40 countries.
To join the webinar, investors can use use the following details: https://us02web.zoom.us/j/85667379852; or iPhone one-tap - US: +13017158592,,85667379852# or +13126266799,,85667379852#; or telephone - US: +1 301 715 8592 or +1 312 626 6799 or +1 646 558 8656 or +1 253 215 8782 or +1 346 248 7799 or +1 669 900 9128; Webinar ID: 856 6737 9852; International numbers are available via: https://us02web.zoom.us/u/km2qxNwyI.
Algernon is a drug re-purposing company that investigates safe, already approved drugs, including naturally occurring compounds, for new disease applications, moving them efficiently and safely into new human trials, developing new formulations and seeking new regulatory approvals in global markets. Algernon specifically investigates compounds that have never been approved in the U.S. or Europe to avoid off label prescription writing.
Contact the author at jon.hopkins@proactiveinvestors.com