Mr. Sina Habibi reports
COGNETIVITY NEUROSCIENCES CLOSES FIRST TRANCHE OF NON-BROKERED PRIVATE PLACEMENT
Pursuant to the news release dated Feb. 11, 2019, Cognetivity Neurosciences Ltd. has completed the first tranche of its non-brokered private placement of 3,084,500 units at a price of 38 cents per unit for gross proceeds of $1,172,110. Each unit consisting of one common share of the company and one-half common share purchase warrant. Each whole warrant will entitle the holder to purchase an additional share at a price of 55 cents for a period of 18 months from closing. If, commencing four months and one day after the date of issuance, the weighted-average closing price of the company's common shares is equal to or greater than 60 cents for 10 or more consecutive trading days, the expiry date of the warrants may be accelerated by the company to the date that is 30 trading days after the date of a news release announcing the acceleration trigger.
In connection with the offering, the company has paid finders' fees equal to $48,169 in cash and 126,760 non-transferable warrants. Each finder's warrant has the same terms as the warrants issued under the offering.
All of the securities of the company issued under the offering are subject to a hold period, which will expire on July 20, 2019, in accordance with applicable Canadian securities laws.
The net proceeds of the offering will be used for product development, clinical validation, quality and regulatory, business development, and working capital.
About Cognetivity Neurosciences Ltd.
Cognetivity is a technology company developing a cognitive testing platform, the integrated cognitive assessment (ICA), for use in medical and commercial environments. Cognetivity's ICA uses artificial intelligence and machine learning techniques to help detect the earliest signs of impairment by testing the performance of large areas of the brain, potentially allowing early diagnosis of dementia. Cognetivity aims to develop the ICA through planned clinical studies to the market in North America and Europe.
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