Algernon Pharmaceuticals Inc. announced a non-brokered private placement of 1,025,000 units at an issue price of CAD 0.20 per unit for the gross proceeds of CAD 205,000 on July 14, 2023. Each Unit will consist of one Class A common share and one Common Share purchase warrant. Each Warrant will entitle the holder to acquire one Common Share at an exercise price of CAD 0.25 per warrant share for a period of 2 years from the date of issuance.

The securities will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable Canadian securities legislation. The transaction is expected to close on July 21, 2023.