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NervGen Pharma (TSXV:NGEN) closes overnight marketed equity offering

Health Care
TSXV:NGEN
12 May 2021 11:30 (EDT)

NervGen Pharma (NGEN) has closed its previously announced overnight marketed public offering of units.

NervGen issued an aggregate of 3,250,000 units at C$1.55 per unit for aggregate gross proceeds of C$5,037,500.

Each unit is comprised of one common share and one-half of one common share purchase warrant. Each warrant is exercisable at a price of C$2.10 and entitles the holder to acquire one common share for a period of 2 years following the closing of the offering.

The offering was completed by the company and a syndicate of agents. The agents received 195,000 broker warrants. Each broker warrant is exercisable for one common share at the price of C$1.55 for a period of 24 months from the closing date of the offering.

Net proceeds will be allocated for continued work on their lead drug candidate, NVG-291, and for general corporate purposes.

The offering was completed in British Columbia, Alberta, Ontario and Nova Scotia by way of a final prospectus supplement dated May 5, 2021.

NervGen Pharma is a biotech company dedicated to creating innovative solutions for the treatment of nerve damage and neurodegenerative diseases.

NervGen Pharma (NGEN) is down 6.21 per cent, trading at $1.36 per share at 11:30 am ET.

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