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Algernon Pharmaceuticals (CSE: AGN) Launches $1M Private Placement Offering with Equity and Warrants Structure
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Highlights
Algernon Pharmaceuticals Inc., a Canadian clinical-stage drug development firm, has announced a non-brokered private placement aimed at raising gross proceeds of $1,000,000. The Offering will be divided equally between Common Units, priced at $0.07 per unit, and Preferred Units, priced at $0.70 per unit.
Each Common Unit consists of one Class A common share and one-half of a Common Share purchase warrant. A full Common Warrant entitles the holder to buy one additional Common Share at $0.15 for a period of two years. Similarly, each Preferred Unit includes one Preferred Share and one-half of a Preferred Share purchase warrant, with full Preferred Warrants allowing the purchase of one Preferred Share at $1.50, also exercisable for two years.
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