Announces Closing of Tranche of Private Placement
Summary
TORONTO, CANADA, April 17, 2024 Awakn Life Sciences Corp. (CSE: AWKN, OTCQB: AWKNF, FSE: 954) (Awakn or the Company) a clinical-stage biotechnology company developing medication-assisted treatments for addiction with a near-term focus on Alcohol Use Disorder (AUD), is pleased to announce that, further to its press release dated April 3, 2024, it has closed a first tranche (the First Tranche) of its previously announced non-brokered private placement (the Offering) through the issuance of an additional 285,714 units (the "Units") at a price of $0.46 per Unit for additional gross proceeds of $131,428.Each unit is comprised of one common share in the capital of the Company (each, a Common Share) and three quarters (0.75) of one whole Common Share purchase warrant (each whole warrant, a Warrant). Awakn has a near-term focus on Alcohol Use Disorder (AUD), a condition affecting 40 million people in the US and key international markets and 285m people globally for which the current standard of care is inadequate. Often, but not always, forward-looking statements can be identified by the use of words such as plans, expects, is expected, budget, scheduled, estimates, continues, forecasts, projects, predicts, intends, anticipates, targets or believes, or variations of, or the negatives of, such words and phrases or state that certain actions, events or results "may", "could", would, should, might or will be taken, occur or be achieved, including statements relating the business of the Company. There are certain factors that could cause actual results to differ materially from those in the forward-looking information. These include, but are not limited to: fluctuations in general macroeconomic conditions; the business plans and strategies of the Company; the ability of the Company to comply with all applicable governmental regulations in a highly regulated business; the inherent risks in investing in target companies or projects which have limited or no operating history and are engaged in activities currently considered illegal in some jurisdictions; changes in laws; limited operating history; reliance on management; requirements for additional financing; competition; fluctuations in securities markets; inconsistent public opinion and perception regarding the medical-use of psychedelic drugs; expectations regarding the size of the addiction market; and regulatory or political change.