ProMIS Neurosciences Announces Authorization of Series 1 Preferred Shares
June 22 2022 - 7:00AM
ProMIS Neurosciences Inc. (TSX: PMN) (OTCQB: ARFXF) (“ProMIS” or
the “Company”), a biotechnology company focused on the discovery
and development of antibody therapeutics targeting misfolded
proteins such as toxic oligomers, implicated in the development of
neurodegenerative diseases, today announced that it has amended its
articles to authorize the issuance of 70,000,000 Series 1 Preferred
Shares (“
Series 1 Shares”) which it intends to use
in settlement of its outstanding debentures.
Holders of Series 1 Shares will be entitled to
participate, on an as-converted basis, in dividend payments only if
the Company declares, pays or sets aside any dividends on shares of
any other class or series of capital stock. The Series
1 Shares are not subject to mandatory redemption or other
redemption provisions and do not confer any voting rights or
privileges to the holders. Holders of the Series 1
Shares shall be entitled to a liquidation preference in an amount
per share equal to US$0.10.
Series 1 Shares are convertible at the option of
the holder, in a 1:1 ratio, into the Company’s Common Shares
(“Common Shares”). All outstanding Series 1 Shares
shall automatically convert into Common Shares, at the effective
conversion rate, upon the closing of one or more sales of equity
securities resulting in at least US$30 million of gross proceeds to
the Company.
About ProMIS Neurosciences
Inc.
ProMIS Neurosciences Inc. is a development stage
biotechnology Corporation focused on discovering and developing
antibody therapeutics selectively targeting toxic oligomers
implicated in the development and progression of neurodegenerative
diseases, in particular Alzheimer’s disease (AD), amyotrophic
lateral sclerosis (ALS) and multiple system atrophy (MSA). The
Corporation’s proprietary target discovery engine is based on the
use of two complementary techniques. The Corporation applies its
thermodynamic, computational discovery platform - ProMIS™ and
Collective Coordinates - to predict novel targets known as Disease
Specific Epitopes on the molecular surface of misfolded proteins.
Using this unique approach, ProMIS is developing novel antibody
therapeutics for AD, ALS and MSA. ProMIS is headquartered in
Toronto, Ontario, Canada with offices in Cambridge, Massachusetts,
U.S.A. ProMIS is listed on the Toronto Stock Exchange (TSX) under
symbol PMN, and on the OTCQB Venture Market under symbol ARFXF.
Visit us at
www.promisneurosciences.com, follow us
on Twitter and
LinkedIn
For Investor Relations please contact:Alpine
Equity AdvisorsNicholas Rigopulos,
Presidentnick@alpineequityadv.comTel. 617 901-0785
The TSX has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Certain information in this news release constitutes
forward-looking statements and forward-looking information
(collectively, "forward-looking information") within the meaning
of applicable securities laws. In some cases, but not necessarily
in all cases, forward-looking information can be identified by the
use of forward-looking terminology such as "plans", "targets",
"expects" or "does not expect", "is expected", "an opportunity
exists", "is positioned", "estimates", "intends", "assumes",
"anticipates" or "does not anticipate" or "believes", or variations
of such words and phrases or state that certain actions, events or
results "may", "could", "would", "might", "will" or "will be
taken", "occur" or "be achieved". In addition, any statements that
refer to expectations, projections or other characterizations of
future events or circumstances contain forward-looking
information. Specifically, this news release contains
forward-looking information relating to the Company’s intention to
amend its outstanding convertible debentures so they are
convertible at the option of the holder into Series 1 Shares.
Forward-looking information is necessarily based on a number of
opinions, assumptions and estimates. Important factors, such as
the holders of amended debentures not choosing to convert into
Series 1 Shares, could cause actual results and financial condition
to differ materially from those indicated in the forward-looking
information. Additional risk factors are discussed throughout the
"Risk Factors" section of the Company's most recently filed annual
information form available on www.SEDAR.com. Except as required by
applicable securities laws, the Company undertakes no obligation to
publicly update any forward-looking information, whether written or
oral, that may be made from time to time, whether as a result of
new information, future developments or otherwise.##
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