Grey Matters Health closes first tranche of private placement

Grey Matters Health (CSE:GREY, OTCQB:AGNPD, FRA:AGW0) has closed the first tranche of its non-brokered private placement, raising gross proceeds of C$500,000 through the sale of 1,250,000 units at C$0.40 per unit.

Company insiders participated in the first tranche for C$184,000, which Grey Matters said did not exceed 25% of the company's market capitalization.

Proceeds will be used to advance Grey Matters' Alzheimer's Disease program toward opening its first US brain-specific neuroimaging clinic, as well as for general and administrative expenses and working capital.

The offering remains open, with additional tranches expected to close on or before June 30.

Grey Matters is a Canadian healthcare company focused on providing brain-specific PET scanning services through a planned network of neuroimaging clinics in the US for early detection of Alzheimer's Disease, other forms of dementia, epilepsy, neuro-oncology, and movement disorders including Parkinson's disease.