Algernon Pharmaceuticals Announces Increase to Private Placement
Algernon Pharmaceuticals (CSE: AGN, OTCQB: AGNPF) has increased its non-brokered private placement from $250,000 to $408,000. The offering consists of units priced at $0.12, each comprising one common share and one purchase warrant. Warrants are exercisable at $0.24 per share for 2 years, subject to acceleration if the stock price exceeds $0.36 for 20 consecutive trading days. The closing date is set for August 1, 2024. Proceeds will be used for working capital. The company may pay cash finder's fees and issue finder's warrants up to 8% of the proceeds and units for introduced investors. Securities will have a 4-month hold period and are not registered under the U.S. Securities Act.
Algernon Pharmaceuticals (CSE: AGN, OTCQB: AGNPF) ha aumentato il suo collocamento privato non intermediarato da 250.000 $ a 408.000 $. L'offerta consiste in unità valutate a 0,12 $ ciascuna, ognuna composta da una azione comune e un warrant di acquisto. I warrant sono esercitabili a 0,24 $ per azione per 2 anni, soggetti ad accelerazione se il prezzo delle azioni supera 0,36 $ per 20 giorni di trading consecutivi. La data di chiusura è fissata per il 1° agosto 2024. I proventi saranno utilizzati per capitale di esercizio. La società potrebbe pagare commissioni in contanti per i mediatori e emettere warrant per mediatori fino all'8% dei proventi e unità per investitori presentati. I titoli avranno un periodo di blocco di 4 mesi e non sono registrati ai sensi della legge sui titoli degli Stati Uniti.
Algernon Pharmaceuticals (CSE: AGN, OTCQB: AGNPF) ha aumentado su colocación privada no intermediada de 250,000 $ a 408,000 $. La oferta consiste en unidades valoradas en 0.12 $ cada una, que comprenden una acción común y un warrant de compra. Los warrants son ejercitables a 0.24 $ por acción durante 2 años, sujeto a aceleración si el precio de las acciones supera 0.36 $ durante 20 días de negociación consecutivos. La fecha de cierre está programada para el 1 de agosto de 2024. Los ingresos se destinarán a capital de trabajo. La empresa podría pagar comisiones en efectivo y emitir warrants para mediadores hasta el 8% de los ingresos y unidades para inversores presentados. Los valores tendrán un período de retención de 4 meses y no están registrados bajo la Ley de Valores de EE. UU.
알제넌 제약(알제리, CSE: AGN, OTCQB: AGNPF)은 비중개 사모 거래를 늘렸습니다, 금액을 250,000달러에서 408,000달러로 증가시켰습니다. 이번 공모는 각각 하나의 보통주와 매수 워런트로 구성된 단위로 가격은 0.12달러입니다. 매수 워런트는 주당 0.24달러에 2년간 행사 가능하며, 주가가 20일 연속으로 0.36달러를 초과하는 경우 가속이 가능합니다. 마감일은 2024년 8월 1일로 정해졌습니다. 수익금은 운영 자본으로 사용됩니다. 회사는 수익의 최대 8%에 해당하는 현금 수수료를 지급하고 소개한 투자자에게 단위를 배포할 수 있습니다. 유가는 4개월 동안 보유해야 하며 미국 증권법에 따라 등록되지 않았습니다.
Algernon Pharmaceuticals (CSE: AGN, OTCQB: AGNPF) a augmenté son placement privé non intermédié de 250 000 $ à 408 000 $. L'offre se compose d'unités au prix de 0,12 $, chacune comprenant une action ordinaire et un bon de souscription. Les bons sont exerçables à 0,24 $ par action pendant 2 ans, sous réserve d'accélération si le prix de l'action dépasse 0,36 $ pendant 20 jours de négociation consécutifs. La date de clôture est fixée au 1er août 2024. Les produits seront utilisés pour le fonds de roulement. La société peut verser des frais de recherche en espèces et émettre des bons de recherche jusqu'à 8 % des produits et des unités pour les investisseurs introduits. Les titres auront une durée de blocage de 4 mois et ne sont pas enregistrés en vertu de la loi sur les valeurs mobilières des États-Unis.
Algernon Pharmaceuticals (CSE: AGN, OTCQB: AGNPF) hat die nicht vermittelte Privatplatzierung erhöht von 250.000 $ auf 408.000 $. Das Angebot besteht aus Einheiten, die zu einem Preis von 0,12 $ angeboten werden, jede bestehend aus einer Stammaktie und einem Kaufwarrant. Die Warrants können für 2 Jahre zu einem Preis von 0,24 $ pro Aktie ausgeübt werden, mit einer Beschleunigung, wenn der Aktienkurs 20 aufeinanderfolgende Handelstage lang 0,36 $ übersteigt. Das Schlussdatum ist auf den 1. August 2024 festgelegt. Die Erlöse werden für Betriebskapital verwendet. Das Unternehmen kann bis zu 8 % der Erlöse in Form von Barfinderspesen zahlen und Finders-Warrants an eingeführte Investoren ausgeben. Die Wertpapiere unterliegen einer 4-monatigen Haltedauer und sind nicht gemäß dem US-Wertpapiergesetz registriert.
- Increased private placement from $250,000 to $408,000, potentially improving the company's financial position
- Warrants provide potential for additional future capital at $0.24 per share
- Accelerated expiry clause for warrants if stock price performs well, potentially reducing dilution
- Dilution of existing shareholders due to issuance of new shares and warrants
- Low unit price of $0.12 may indicate weak market perception or financial position
- Reliance on private placement for working capital suggests potential cash flow issues
VANCOUVER, British Columbia, July 31, 2024 (GLOBE NEWSWIRE) -- Algernon Pharmaceuticals Inc. (CSE: AGN) (FRANKFURT: AGW0) (OTCQB: AGNPF) (the “Company” or “Algernon”) a Canadian clinical stage pharmaceutical development company announces an increase to its non-brokered private placement, previously announced on July 11, 2024, from gross proceeds of
The Warrants are subject to accelerated expiry in the event the volume weighted average trading price of the Common Shares exceeds
The Company may pay cash finder’s fees and finders warrants to eligible finders, up to eight percent of the proceeds raised and units issued for investors introduced to the Company by the eligible finder.
The Company will use the proceeds of the private placement for working capital purposes.
The securities issued and issuable, described in this news release, will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable Canadian securities legislation.
The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and may not be offered or sold within the United States or to, or for the account or benefit of, “U.S. persons” (as such term is defined in Regulation S under the U.S. Securities Act) absent registration under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration.
About Algernon Pharmaceuticals Inc.
Algernon Pharmaceuticals is a Canadian clinical stage drug development company investigating multiple drugs for unmet global medical needs. Algernon Pharmaceuticals is the parent company of a private subsidiary called Algernon NeuroScience, that 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.
Algernon recently announced that it closed on its agreement with Seyltx Inc., a privately owned U.S. based drug development company, for the acquisition of Algernon’s Ifenprodil research program for the purchase price of USD
CONTACT INFORMATION
Christopher J. Moreau
CEO
Algernon Pharmaceuticals Inc.
604.398.4175 ext 701
info@algernonpharmaceuticals.com
investors@algernonpharmaceuticals.com
www.algernonpharmaceuticals.com.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY DISCLAIMER STATEMENT: No Securities Exchange has reviewed nor accepts responsibility for the adequacy or accuracy of the content of this news release. This news release contains forward-looking statements relating to the completion of the Offering, use of proceeds from the Offering, engagement of Maxim, the completion of future transactions and the spin-off of the Ifenprodil research program and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include the failure to satisfy the conditions of the relevant securities exchange(s) and other risks detailed from time to time in the filings made by the Company with securities regulations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by applicable law.
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