Cognetivity Neurosciences Announces Non-Brokered Private Placement
VANCOUVER, BC, Dec. 15, 2021 /CNW/ - Cognetivity Neurosciences Ltd. (the "Company" or "Cognetivity") (CSE: CGN) (FWB: 1UB) (OTCQB: CGNSF) announces that it plans to raise up to $3,000,000 by way of a non-brokered private placement (the "Private Placement").
The Private Placement will consist of the sale of up to 5,454,545 units (the "Units") at a price of $0.55 per Unit. Each Unit will consist of one (1) common share of the Company (a "Share") and one half (½) of one common share purchase warrant (each a "Warrant"). Each whole Warrant will entitle the holder to purchase one additional Share from the Company at a price of $0.85 for a period of 36 months from closing.
The net proceeds of the Offering will be used for the expansion of the Company's commercial operations in the USA expanding its business development capacity, marketing, customer and technical support, as well as general operations.
In connection with the Private Placement, the Company has agreed to pay finder's fees.
Closing of the Private Placement is anticipated to occur on or before January 31, 2022, or such other dates as the Company may determine, and is subject to receipt of applicable regulatory approvals including approval of the Candian Securities Exchange. All securities will be subject to a four month hold.
About Cognetivity Neurosciences Ltd.
Cognetivity is a technology company that has created a cognitive testing platform for use in medical, commercial and consumer environments. Cognetivity's ICA uses Artificial Intelligence and machine learning techniques to help detect the earliest signs of cognitive impairment by testing the performance of large areas of the brain. The ICA is currently available for clinical use in the USA, UK and Europe, with regulatory approval for other regions planned for 2022.
ON BEHALF OF THE BOARD
"Sina Habibi"
Sina Habibi
Chief Executive Officer and Director
FORWARD LOOKING STATEMENTS:
The forward-looking information contained in this press release is made as of the date of this press release and, except as required by applicable law, the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise, except as may be required by law. By its very nature, such forward-looking information requires the Company to make assumptions that may not materialize or that may not be accurate. This forward-looking information is subject to known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such information.
The Exchange does not accept responsibility for the adequacy or accuracy of this release
SOURCE Cognetivity Neurosciences Ltd
please visit: www.cognetivity.com or contact: [email protected]; For media enquiries, please contact: Josh Stanbury | [email protected] | 416-628-7441.
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