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ProMIS Neurosciences doubles private placement to C$6M

ProMIS Neurosciences Inc. doubled the size of its previously announced offering, now hoping to sell up to 24 million units at 25 Canadian cents apiece to raise C$6 million.

Mackie Research Capital Corp. will act as the lead agent in the offering, which is expected to close Aug. 9. The underwriter has an option to purchase up to an additional 15% of the units offered.

Each unit will consist of a common share and 0.5 of a purchase warrant. Each whole warrant is exercisable into an additional stock of the company for 30 cents within a 60-month period.

Net proceeds from the offering are intended to be used for working capital and general corporate purposes.