Source: Algernon Pharmaceuticals.
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  • Algernon Pharmaceuticals (AGN) has announced the closing of its previously announced marketed public offering of units
  • The company issued 309,117 units at a price of $3.75 per unit for gross proceeds of $1,159,188.75
  • Each unit consists of one Class A common share of the company and one common share purchase warrant of the company
  • The net proceeds from the offering of the units 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
  • Algernon Pharmaceuticals Inc. was down 1.07 per cent, trading at $3.70 at 10:21 ET

Algernon Pharmaceuticals (AGN) has closed its previously announced marketed public offering.

The company issued 309,117 units at a price of $3.75 per unit for gross proceeds of $1,159,188.75.

Each unit consists of one Class A common share of the company and one common share purchase warrant of the company.

Each warrant entitles the holder to purchase one common share at an exercise price equal to $4.70 per warrant share for a period of 5 years following the date of issuance, subject to acceleration of the expiry date.

The net proceeds from the offering of the units 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 for new disease applications, moving them efficiently and safely into new human trials, developing new formulations and seeking new regulatory approvals in global markets.

Algernon Pharmaceuticals Inc. was down 1.07 per cent, trading at $3.70 at 10:21 ET.

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