Algernon Pharmaceuticals Inc. announced a non-brokered private placement to issue 2,083,333 units at an issue price of CAD 0.12 per unit for the gross proceeds of CAD 249,999.96 on July 11, 2024. 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 0.24 per Warrant Share for a period of 2 years from the date of issuance subject to acceleration of the Expiry Date as described below. The Offering is expected to close on July 20, 2024.

The Company may pay cash finder?s fees and finders warrants to eligible finders, up to eight percent of the proceeds raised and units issued for investors introduced to the Company by the eligible finder. The securities issued and issuable, described in this news release, 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.