ProMIS Neurosciences Completes Second Closing of Private Placement
(Thomson Reuters ONE) -
TORONTO, Aug. 28, 2017 (GLOBE NEWSWIRE) -- 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, August 2, 2017 and August
9, 2017, it has completed the final closing on a non-brokered private placement
basis of its previously announced private placement (the "Offering") of units of
the Company for gross proceeds of $1,040,000. In two closings, the Company has
raised aggregate gross proceeds of approximately $4,800,000 under the Offering.
Commenting on today's announcement, Elliot Goldstein, M.D., ProMIS President and
CEO stated, "We are very pleased to have closed our largest investment round to
date, at a significant step up in value over previous rounds. This will allow us
to continue our rapid rate of progress in building a portfolio of therapies in
neurodegenerative diseases, including Alzheimer's."
In the second closing, the Company issued 4,160,000 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 for a period of 60 months at an exercise price of $0.30 per
share, subject to acceleration. The expiry date of the warrants is subject to
acceleration 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 this time, the Company may
accelerate the expiry date of the warrants by issuing a news release announcing
the reduced warrant term whereupon the warrants will expire on the
30th calendar day after the date of such news release.
In connection with the Offering in Canada, certain finders received a cash
commission and compensation warrants to purchase compensation shares for a
period of 60 months following the date hereof at an exercise price of $0.285 per
share (the "Compensation Options").
Noble Capital Markets, Inc., which is acting as the exclusive placement agent
for subscribers residing in the United States, received 7% cash commission of
the gross proceeds of the Offering placed with U.S. subscribers (not including
subscriptions received from insiders) and was issued Compensation Options to
purchase up to 21,000 shares in respect of such U.S. 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 Offering are subject to a four-month hold period that expires on December
28, 2017.
This news 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 U.S. 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 further information please consult the Company's website at:
www.promisneurosciences.com
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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: 28.08.2017 - 21:00 Uhr
Sprache: Deutsch
News-ID 558023
Anzahl Zeichen: 7459
contact information:
Town:
Toronto
Kategorie:
Business News
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"ProMIS Neurosciences Completes Second Closing of Private Placement"
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