Algernon Pharmaceuticals Announces Private Placement

VANCOUVER, British Columbia, March 02, 2021 (GLOBE NEWSWIRE) -- Algernon Pharmaceuticals Inc.A (CSE: AGN) (FRANKFURT: AGW) (OTCQB: AGNPF) (the a??Companya?? or a??Algernona??) a clinical stage pharmaceutical development company isA pleased to announce a non-brokered private placement of 10,800,000 units for total proceedsA of CAD $2,700,000. Each unit is comprised of one common share at a price of $.25 and one share purchase warrant exercisable at a price of $0.40 per share for a period of 24 months from the closing date (the a??Warrantsa??).
The Warrants are subject to accelerated expiry in the event the daily volume weighted average trading price of the Common Shares equals or exceeds CAD $0.80 on the Canadian Securities Exchange (the a??Exchangea??) (or such other exchange on which the Common Shares may be traded), for ten (10) consecutive trading days (the a??Triggering Eventa??), in which case, the Company may accelerate the expiry date of the Warrants by giving notice via news release within ten (10) days of the Triggering Event to the holders thereof and, in such case, the Warrants will expire on the 30th day after the date on which the news release is disseminated by the Company.The Company will pay a commission and/or findera??s fee of 8% cash and 8% warrants to qualified finders. The securities issued pursuant to the private placement will be subject to a hold period of four months and a day from closing.The Company will use the proceeds of the private placement for general corporate purposes.About Algernon Pharmaceuticals Inc.A 
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