Mr. Sina Habibi reports
COGNETIVITY NEUROSCIENCES ANNOUNCES NON-BROKERED PRIVATE PLACEMENT
Cognetivity Neurosciences Ltd. plans to raise up to $2.5-million by way of a non-brokered private placement.
The private placement will consist of the sale of up to 6,578,947 units at a price of 38 cents per unit, 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 one additional share at a price of 55 cents for a period of 18 months from closing. If, commencing on the date that is four months after the date of issue of the warrants, the weighted average closing price of company's common shares is equal to or greater than 60 cents for a period of 10 or more consecutive trading days, the expiry date of the warrants may be accelerated to the date that is 30 trading days after the date of a news release announcing the acceleration trigger.
The net proceeds of the private placement will be used for business development and general working capital purposes.
In connection with the private placement, the company has agreed to pay finders' fees.
Closing of the private placement is anticipated to occur on or before Feb. 28, 2019, and is subject to receipt of applicable regulatory approvals, including approval of the Canadian Securities Exchange. All securities will be subject to a four-month hold.
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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