Algernon Closes First Tranche of its Recently Announced Private Placement Financing

Core Points - Algernon Health Inc. has closed the first tranche of its non-brokered private placement, raising gross proceeds of CAD $177,000 from the sale of 2,528,752 units at an issue price of CAD $0.07 per unit [2][4] - Insiders of the company participated in the first tranche, contributing CAD $37,000, which is classified as a related party transaction under MI 61-101 [3] - The proceeds from the first tranche will be allocated towards advancing the company's Alzheimer's Disease program, including the opening of its first U.S. AD clinic, as well as for general administrative expenses and working capital [4] Financial Details - The first tranche raised a total of CAD $177,000, with each unit priced at CAD $0.07 [2] - The participation of insiders did not exceed 25% of the company's market capitalization, allowing the company to rely on exemptions from certain requirements under MI 61-101 [3] Future Plans - Additional tranches of the offering are expected to close on or before December 1, 2025 [4] - The company is focused on establishing a network of clinics in North America for early-stage detection of Alzheimer's Disease and other neurological conditions [7]