On November 18, 2019 ProMIS Neurosciences, Inc. (TSX: PMN) (OTCQB: ARFXF), a biotechnology company focused on the discovery and development of antibody therapeutics targeting toxic oligomers implicated in the development of neurodegenerative diseases, is reported that, further to its news release dated November 13, 2019, it completed on November 15, 2019, the first closing of its private placement of up to $6.5M (Press release, ProMIS Neurosciences, NOV 18, 2019, View Source [SID1234551424]). In the first closing, the Company issued 10,276,666 Units for gross proceeds of approximately CDN$2,055,333.

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"We are pleased to announce this first closing and given the interest expressed look forward to the final closing in the coming weeks," stated Dr. Elliot Goldstein, ProMIS President and CEO.

Each Unit issued in the first closing consisted of one common share of the Company and one share purchase warrant of the Company. Each warrant entitles the holder thereof to purchase one share at an exercise price of $0.35 per share at any time for five years. The Company also issued 162,400 finders warrants having the same terms as the unit warrants.

All securities issued in connection with the Offering are subject to a four-month statutory hold period in accordance with applicable provincial securities laws. Net proceeds from the offering are intended to be used to advance the company’s antibody therapeutic candidates selectively targeting toxic oligomers implicated in neurodegenerative diseases, for working capital and general corporate purposes.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities issued, or to be issued, under the Offering have not been, and will not be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.