VANCOUVER, March 19, 2019 /CNW/ - Cognetivity Neurosciences Ltd. (the "Company" or "Cognetivity") (CSE: CGN; FWB: 1UB; OTCQB: CGNSF) announces that pursuant to its news releases dated February 11, 2019, it has completed the first tranche of its non-brokered private placement (the "Offering") of 3,084,500 units (the "Units") at a price of $0.38 per Unit for gross proceeds of $1,172,110. Each Unit consisting of one common share of the Company (a "Share") and one half common share purchase warrant (a "Warrant"). Each whole Warrant will entitle the holder to purchase an additional Share at a price of $0.55 for a period of 18 months from closing. If, commencing four months and one day after the date of issuance, the weighted average closing price of the Company's common shares is eaqual to or greater than $0.60 for 10 or more consecutive trading days (the "Acceleration Trigger"), the expiry date of the Warrants may be accelerated by the Company to the date that is 30 trading days after the date of a news release announcing the Acceleration Trigger.
In connection with the Offering, the Company has paid finders' fees equal to $48,169 in cash and 126,760 non-transferrable warrants (the "Finder's Warrants"). Each Finder's Warrant has the same terms as the Warrants issued under the Offering.
All of the securities of the Company issued under the Offering are subject to a hold period which will expire on July 20, 2019 in accordance with applicable Canadian securities laws.
The net proceeds of the Offering will be used for product development, clinical validation, quality and regulatory, business development and working capital.
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.
For more information please visit – www.cognetivity.com
ON BEHALF OF THE BOARD
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