Anavex Life Sciences Corp (AVXL)

[ALP7]

1. For the June 7, 2019 Purchase Agreement with Lincoln Park up to $50.0 million, LP received 324,383 shares as a fee for its commitment to purchase shares of our common stock. Also a fee of up to 162,191 shares if Lincoln Park purchased, at AVXL discretion, the $50.0 million aggregate commitment.

2. On May 1, 2020, AVXL entered into an Amended and Restated Sales Agreement (the “Sales Agreement”) with Cantor Fitzgerald & Co. The Sales Agents will act as agents on a commercially reasonable efforts basis. AVXL will pay the Sales Agents’ commissions for their services of 3.0% of the gross proceeds.

3. For the latest agreement with LP, it appears AVXL gave them 75,000 shares up front with the ability to earn 75,000 more shares if the entire $150 M is placed.

If you're not sure you'll need the money, then paying 3% of stock sales seems to be the better deal. If you're sure that you'll release at least half the shares, then the LP deal looks better. Guess Missling thinks that he'll need a lot more money in the next 2 years than he already has.