Algernon Pharmaceuticals Completes Private Placement
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Algernon Pharmaceuticals Completes Private Placement
Algernon Pharmaceuticals Inc. (CSE: AGN) (FRANKFURT: AGW0) (OTCQB: AGNPF) (the "Company" or "Algernon") has successfully closed its non-brokered private placement for gross proceeds of $235,200, with the offering of units priced at $0.12 each.
Participation of Insiders
Certain insiders of the Company participated in the offering, investing a total of $60,000. This participation is classified as a "related party transaction" under the Multilateral Instrument 61-101. The Company has relied on the exemptions from certain requirements as outlined in MI 61-101, since the market value of the shares purchased by insiders did not exceed 25% of the Company's market capitalization.
Use of Proceeds
The proceeds from the private placement will be allocated for working capital purposes, supporting the Company’s ongoing projects and research.
About Algernon Pharmaceuticals Inc.
Company Overview
Algernon Pharmaceuticals is a Canadian clinical stage pharmaceutical company focused on developing drugs to address unmet global medical needs. The company is advancing several innovative research programs including a psychedelic treatment derived from DMT for stroke and traumatic brain injury, and is exploring new therapies for chronic kidney disease.
Recent Developments
Algernon recently finalized an agreement with a U.S.-based drug development company for the acquisition of its Ifenprodil research program, which includes a purchase price of USD $2 million in cash and a significant equity stake.
CONTACT INFORMATION
Christopher J. Moreau
CEO
Algernon Pharmaceuticals Inc.
604.398.4175 ext 701
info@algernonpharmaceuticals.com
investors@algernonpharmaceuticals.com
www.algernonpharmaceuticals.com
Frequently Asked Questions
What is the purpose of the private placement?
The private placement is intended to secure funding for working capital purposes, enhancing the company's development projects.
How much capital was raised in the private placement?
Algernon Pharmaceuticals raised a total of $235,200 through the private placement.
Who participated in the offering?
Certain insiders of the Company participated, contributing a total of $60,000 to the offering.
What are the future plans for the company's research programs?
The company continues to pursue various drug development projects, including programs focused on brain injury and chronic kidney disease.
How can investors contact Algernon Pharmaceuticals?
Investors can reach out to the company via email at info@algernonpharmaceuticals.com or investors@algernonpharmaceuticals.com.
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