RespireRx Pharmaceuticals Inc. (OTCPK:CORX) announced that it has entered into a common stock and warrant purchase agreement for a private placement of up to 112,714,157 units at $0. 0.02218 per unit for gross proceeds of up to $2,500,000 on January 6, 2016. Each unit consists of one common share and one warrant. Each warrant will be exercisable into two common shares of the company at an exercise price of $0.02440 per share.

The transaction will include participation from an accredited investor. The transaction is subject to the government approvals. The company will issue securities pursuant to exemption provided under Regulation D. The transaction is expected to close no later than February 29, 2016.

The company may pay a cash placement agent fee, brokerage commission, finder's fee, or similar payment of up to 10% of the aggregate of the proceeds received. The company may also pay fees in the form of warrants by issuing warrants exercisable into up to 10% of that number of shares issued as part of the units, excluding the shares underlying the warrants. Such warrants shall be exercisable at the issue price for each share for which the warrant is exercised and shall expire on the same expiration date as the warrants issued as part of the units.