Algernon Pharmaceuticals Raises Private Placement

VANCOUVER, British Columbia, July 31, 2024 — Algernon Pharmaceuticals Inc. (CSE: AGN) (FRANKFURT: AGW0) (OTCQB: AGNPF) has announced an increase in its non-brokered private placement. Initially announced on July 11, 2024, the gross proceeds have risen from $250,000 to $408,000. This offering comprises units priced at $0.12 per Unit. Each Unit includes one Class A common share and one common share purchase warrant. The warrant allows the holder to acquire one common share at $0.24 for a period of two years from the issuance date, subject to an accelerated expiry condition.

The offering is slated to close on August 1, 2024. Warrants could have an earlier expiry if the volume-weighted average trading price of common shares exceeds $0.36 for 20 consecutive trading days. If this condition is met, the company has 10 business days to issue an acceleration notice, after which the holders have 30 days to exercise their warrants before they expire.

Furthermore, the company may pay finder's fees in cash and issue finder’s warrants to eligible intermediaries. These fees could be up to eight percent of the proceeds raised and units issued for investors introduced by the finders. The proceeds from this private placement will be used for working capital requirements.

Securities issued in connection with this offering will be subject to a statutory four-month hold period plus one day from the issuance date, adhering to Canadian securities legislation. These securities have not been registered under the United States Securities Act of 1933 or any state securities laws and cannot be offered or sold within the United States, except under certain conditions or exemptions.

Algernon Pharmaceuticals Inc. is a Canadian clinical-stage pharmaceutical company that is exploring multiple drugs to meet unmet global medical needs. The company is also the parent entity of Algernon NeuroScience, which is advancing a psychedelic program investigating a proprietary form of DMT for stroke and traumatic brain injury and has an active research program for chronic kidney disease. Recently, Algernon announced the closure of its agreement with Seyltx Inc., a U.S.-based drug development company, for the acquisition of Algernon’s Ifenprodil research program. The deal was finalized for USD $2 million in cash and a 20% common share equity position in Seyltx.

How to obtain the latest research advancements in the field of biopharmaceuticals?

In the Synapse database, you can keep abreast of the latest research and development advances in drugs, targets, indications, organizations, etc., anywhere and anytime, on a daily or weekly basis. Click on the image below to embark on a brand new journey of drug discovery!