ProMIS Neurosciences Completes First Closing of Private Placement
(Thomson Reuters ONE) -
/NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED
STATES/
TORONTO, ONTARIO - August 9, 2017 - ProMIS Neurosciences Inc. ("ProMIS" or the
"Company") (TSX:PMN; OTCPK:ARFX.F; DB:23J) is pleased to announce that, further
to its news releases dated July 20, 2017 and August 2, 2017, it has completed
the first closing of its previously announced $6 million private placement (the
"Offering") of units of the Company for gross proceeds of approximately $3.72
million. The balance of the $6 million Offering is expected to close on or about
August 23, 2017.
In the first closing, the Company issued 14,884,306 units at a price of $0.25
per unit. Each unit consisted of one common share of the Company and one-half of
one share purchase warrant of the Company. Each warrant is exercisable to
acquire one share at an exercise price of $0.30 per common share for a period of
60 months, subject to acceleration. The expiry date of the warrants is subject
to acceleration such that if following the four month anniversary of issuance,
the volume weighted average trading price of the shares on the Toronto Stock
Exchange exceeds $0.90 for ten consecutive trading days, at which time the
Company may accelerate the expiry date of the warrants by issuing a press
release announcing the reduced warrant term whereupon the warrants will expire
on the 30(th) calendar day after the date of such press release.
In connection with the Offering in Canada, Mackie Research Capital Corporation
received a cash commission equal to 7% of the gross proceeds of the Offering
placed in Canada, not including subscriptions received from insiders and certain
finders, and 2% of the aggregate gross proceeds of the Offering on subscriptions
received from certain finders. As additional compensation, the Company issued to
Mackie compensation options (the "Compensation Options") to purchase up to
811,480 shares for a period of 60 months following the date of issuance at an
exercise price of $0.285 per share.
Noble Capital Markets, Inc., which is acting as the exclusive placement agent
for subscribers residing in the United States, received a cash commission equal
to 7% of the gross proceeds of the Offering placed with US subscribers (not
including subscriptions received from insiders) and was issued Compensation
Options to purchase up to 199,330 shares in respect of such US subscribers.
The Company intends to use the net proceeds from the Offering for working
capital and general corporate purposes. All securities issued in connection with
the first tranche of the Offering are subject to a four month hold period that
expires on December 9, 2017.
Four insiders of the Company subscribed for 372,724 units, which constitutes a
"related party transaction" within the meaning of Multilateral Instrument
61-101 - Protection of Minority Security Holders in Special Transactions ("MI
61-101"). The issuances to the insiders are exempt from the formal valuation and
the minority shareholder approval requirements of MI 61-101 as the fair market
value of the units issued to or the consideration paid by such persons did not
exceed 25% of the Company's market capitalization.
This press release shall not constitute an offer to sell or the solicitation of
an offer to buy nor shall there be any sale of the securities in any state in
which such offer, solicitation or sale would be unlawful. The securities issued,
or to be issued, under the Offering have not been, and will not be, registered
under the United States Securities Act of 1933, as amended, and may not be
offered or sold in the United States absent registration or an applicable
exemption from registration requirements.
About ProMIS Neurosciences Inc.
ProMIS Neurosciences is a Toronto Stock Exchange (TSX) listed biotechnology
company (trading symbol: PMN.TO), headquartered in Toronto, Ontario with offices
in Cambridge, Massachusetts. The Company's mission is to discover and develop
precision medicine therapeutics for effective treatment of neurodegenerative
diseases, in particular Alzheimer's disease and amyotrophic lateral sclerosis
(ALS). ProMIS Neurosciences' proprietary target discovery engine is based on the
use of two, complementary techniques. The Company applies its thermodynamic,
computational discovery platform-ProMIS(TM) and Collective Coordinates - to
predict novel targets known as Disease Specific Epitopes (DSEs) on the molecular
surface of misfolded proteins. Using this unique "precision medicine" approach,
ProMIS Neurosciences is developing novel antibody therapeutics and specific
companion diagnostics for Alzheimer's disease and ALS. The company has also
developed two proprietary technologies to specifically identify very low levels
of misfolded proteins in a biological sample. In addition, ProMIS Neurosciences
owns a portfolio of therapeutic and diagnostic patents relating to misfolded
SOD1 in ALS, and currently has a preclinical monoclonal antibody therapeutic
against this target.
The TSX has not reviewed and does not accept responsibility for the adequacy or
accuracy of this release. This information release contains certain forward-
looking information, including the expected use of proceeds from the Offering
and the expected amount and timing of the second closing. Such information
involves known and unknown risks, uncertainties and other factors that may cause
actual results, performance or achievements to be materially different from
those implied by statements herein, and therefore these statements should not be
read as guarantees of future performance or results. All forward-looking
statements are based on the Company's current beliefs as well as assumptions
made by and information currently available to it as well as other factors.
Readers are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this press release. Due to risks
and uncertainties, including the risks and uncertainties identified by the
Company in its public securities filings, actual events may differ materially
from current expectations. The Company disclaims any intention or obligation to
update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
For media inquiries, please contact:
Scott Santiamo
RussoPartners/LLC
Scott.Santiamo(at)russopartnersllc.com,
Tel.718 344-5843
David Schull
RussoPartners/LLC
David.Schull(at)russopartnersllc.com
Tel. 858 717-2310
Dr. Elliot Goldstein
President and Chief Executive Officer
ProMIS Neurosciences Inc.
Tel. 415 341-5783
Elliot.goldstein(at)promisneurosciences.com
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: ProMIS Neurosciences via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 09.08.2017 - 19:52 Uhr
Sprache: Deutsch
News-ID 555942
Anzahl Zeichen: 8004
contact information:
Town:
Toronto
Kategorie:
Business News
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