RE:Algernon and Gromax Capital.....just curious ? everything is posible , selling shares and exercising Warrants its most likely
Algernon Pharmaceuticals Inc.
On November 1, 2019, the Company acquired 5,882,352 units of Algernon Pharmaceuticals Inc. ("Algernon") at $0.085 per unit for a total cost of $500,000 pursuant to a public offering of units of Algernon of approximately $2.07 million units. Each unit comprised of one common share and one common share purchase warrant entitling the holder to purchase one additional common share at an exercise price of $0.12 per common share until May 1, 2022.
On February 20, 2020, the Company acquired an additional 2,000,000 units of Algernon at $0.085 per unit for a total cost of $170,000pursuant to a non-brokered private placement of units of Algernon. Each unit comprised of one common share and one common share purchase warrant entitling the holder to purchase one additional common share at an exercise price of $0.12 per common share until August 20, 2022.
The investments in Algernon involved a non-arm's length party as Michael Sadhra, the Company's CFO and director is also Algernon's CFO and director. He declared his interest and abstained from voting in connection to the investments in Algernon. The investments, however, do not fall within the definition of "related party transaction" under Multilateral Instrument 61-101 ("MI 61-101").
See the Company's news release dated December 10, 2019 for a description of the business of Algernon.
talisman47 wrote: If Gromax has been waiting to be unhalted and they own millions of shares of Algernon that they probably would want to trade or buy......could these be one of the reasons why Algernon kept saying end of the month for their results ?? Gives Gromax time to get back trading just before Algernon releases results ??
Just seems like coincidental timing......anyone have an opinion??