On November 13, 2019 ProMIS Neurosciences, Inc. ("ProMIS" or the "Company") (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, reported that it is undertaking a private placement of up to 32.5M Units at a price of CDN$0.20 (or US$0.15) per Unit for gross proceeds of up to CDN$6,500,000 (the "Offering") (Press release, ProMIS Neurosciences, NOV 13, 2019, View Source [SID1234551157]). ProMIS expects to complete a first closing in November 2019 in the amount of approximately CDN$2,055,000.

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"We are pleased to offer this private placement designed to afford a cash runway well into 2020. Proceeds of the offering will support further development of our programs targeting Parkinson’s disease, amyotrophic lateral sclerosis (ALS) and Alzheimer’s disease, each of which is the subject of ongoing partnering discussions with large biopharmaceutical companies," stated Dr. Elliot Goldstein, ProMIS President and CEO.

Each Unit will consist of one common share of the Company and one share purchase warrant of the Company (each a "Warrant"). Each Warrant will entitle the holder thereof to purchase one share at an exercise price of $0.35 per share at any time through the fifth anniversary of the offering.

All securities issued in connection with the Offering will be subject to a four-month statutory hold period in accordance with applicable provincial securities laws in Canada. 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. Closing of the Offering is subject to TSX approval.

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.