Algernon Pharmaceuticals announces $500,000 private placement

Algernon Health announced a non-brokered private placement for gross proceeds of $500,000 of units at an issue price of $0.07 per Unit. Each Unit will consist of one Class A common share in the capital of the Company and one-half Common Share purchase warrant. Each full Common Warrant will entitle the holder to acquire one Common Share at an exercise price of $0.15 per Common Warrant Share for a period of twelve months from the issuance date, after which on the first anniversary of the Issuance Date, the Exercise Price will increase to $0.25 per Common Warrant Share for a period of twelve months from the First Anniversary, and on the second anniversary of the Issuance Date the Exercise Price will increase to $0.50 per Common Warrant Share for a period of thirty-six (36) months from the Second Anniversary. The Common Warrants are subject to an acceleration of their Exercise Price if prior to the First Anniversary, the Common Shares trade on the Canadian Securities Exchange at a price of $0.20 or greater for a period of twenty consecutive trading days. Following thirty days written notice to the Common Warrant holders, the Exercise Price will increase to $0.25 per Common Warrant Share until the date of the Second Anniversary, and on the Second Anniversary, the Exercise Price will increase to $0.50 per Common Warrant Share for a period of thirty-six months form the Second Anniversary per the original terms of the Common Warrants. The Offering is expected to close in tranches on or before November 30, 2025.