- Algernon Pharmaceuticals (AGN) has announced a non-brokered private placement for gross proceeds of $1,402,125
- The company will issue up to 373,900 units for $3.75 per unit
- Proceeds will be used to fund research and development programs and for working capital purposes
- Algernon is a drug re-purposing company that investigates already approved drugs for new disease applications
- Shares of Algernon Pharmaceuticals Inc. (AGN) opened trading at C$4.00
Algernon Pharmaceuticals (AGN) has announced a non-brokered private placement for gross proceeds of $1,402,125.
The company will issue up to 373,900 units for $3.75 per unit. Each unit will consist of one Class A common share and share purchase warrant. Each warrant will entitle the holder to acquire one additional common share for a period of five years.
Warrants are subject to an acceleration clause.
All securities issued will be subject to a statutory four-month hold period.
Proceeds will be used to fund research and development programs, general and administrative expenses and for working capital purposes.
Algernon is a drug re-purposing company that investigates safe, already approved drugs, including naturally occurring compounds, for new disease applications.
Shares of Algernon Pharmaceuticals Inc. (AGN) opened trading at C$4.00.
