On December 23, 2022, Algernon Pharmaceuticals Inc. (“Algernon” or “the Company”), a Canadian clinical stage pharmaceutical development company, announced its entrance into an equity distribution agreement (the “Agreement”) with Research Capital Corporation (“Research Capital”), one of Canada's largest independent full service investment firms.
Under the Agreement, Algernon will be entitled, at its discretion and from time-to-time during the term of the Agreement, to sell, through Research Capital, as sole and exclusive placement agent, such number of Class A common shares of the Company having an aggregate gross sales price of up to C$5 million (the “At-the-Market Offering”). The At-the-Market Offering will be effective until the earlier of the issuance and sale of all of the common shares issuable pursuant to the At-the-Market Offering and June 6, 2023, unless terminated prior to such date by the Company or the Agent in accordance with the terms of the Distribution Agreement.
Fasken advised Research Capital Corporation in connection with this agreement with a team comprised of John Sabetti and Josh Hersh.
Jurisdiction
- Ontario
