- Algernon Pharmaceuticals (AGN) will undertake a rights offering to raise roughly C$2.4 million
- The company will offer 9.7 million rights to holders of its Class A common shares at a rate of one right for each share held
- Proceeds will go toward working capital, administrative expenses and general corporate purposes
- Algernon Pharmaceuticals is a Canadian clinical-stage drug development company with active research programs for IPF, chronic cough, and chronic kidney disease
- Algernon Pharmaceuticals (AGN) opened trading at $0.50 per share
Algernon (AGN) has launched a rights offering to raise approximately C$2.4 million in gross proceeds.
Shareholders of Algernon’s Class A common shares will be offered 9,666,988 rights on the basis of one right for each share held as of March 29, 2023. Each right will entitle the holder to acquire one unit priced at C$0.25 consisting of one share and one share purchase warrant.
Proceeds will go toward working capital, administrative expenses and general corporate purposes.
The rights will trade on the CSE under the symbol AGN.RT from March 28, 2023 to April 27, 2023, and will expire at 2:00 pm Pacific Time on April 27 2023.
Algernon will have 19,333,976 shares outstanding after the rights offering, of which the shares issued under the rights offering represent 50 per cent.
Algernon Pharmaceuticals is a Canadian clinical-stage drug development company with active research programs for IPF, chronic cough, and chronic kidney disease.
Algernon Pharmaceuticals (AGN) opened trading at $0.50 per share.