ProMIS Neurosciences Announces CDN$3 Million Best-Efforts Private Placement

/NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

TORONTO, ON - July 20, 2017 - ProMIS Neurosciences Inc. ("ProMIS" or the "Company") (TSX:PMN; OTCPK:ARFX.F; DB:23J) today announced that it has entered into an agreement with Mackie Research Capital Corporation (the "Agent") pursuant to which the Company will offer, on a private placement basis, up to 12,000,000 units (the "Units") at a price of $0.25 per Unit (the "Offering Price") for proceeds of up to $3,000,000 (the "Offering"). Noble Capital Markets, Inc. ("Noble") has been engaged to act as the exclusive placement agent for subscribers residing in the United States.

Each Unit will consist of one common share of the Company (each a "Share") and one-half of one share purchase warrant of the Company (each whole share purchase warrant, a "Warrant"). Each Warrant will entitle the holder thereof to purchase one Share at an exercise price of $ 0.30 at any time up to 36 months following the Closing Date (as defined below). The expiry date of the Warrants is subject to acceleration such that if following the four month anniversary of the Closing Date, the volume weighted average trading price of the Shares on the Toronto Stock Exchange exceeds $0.90 for ten consecutive trading days, at which time the Company may accelerate the expiry date of the Warrants by issuing a press release announcing the reduced warrant term whereupon the Warrants will expire on the 30^th calendar day after the date of such press release.

The Company has granted the Agent an option to offer up to that number of additional Units as is equal to 15% of the number of Units to be sold in the Offering, on the same terms and conditions as the Offering, increasing the size of the Offering up to a maximum of 13,800,000 Units and up to a maximum gross proceeds of $3,450,000.

Net proceeds from the Offering are intended to be used for working capital and general corporate purposes.

On closing of the Offering, the Company will pay to the Agent a cash commission (the "Agent's Fee") equal to 7% of the gross proceeds of the Offering placed by the Agent, in cash, and will issue such number of broker warrants (the "Broker Warrants") as is equal to 7% of the number of Units placed by the Agent. Each Broker Warrant is exercisable to acquire one Share at the Offering Price for a period of 36 months from the Closing Date. For all Units purchased by US investors, Noble will be entitled to 7% Agent's Fee and 7% Broker Warrants.

Closing of the Offering, which is subject to customary conditions, including TSX approval, is expected to occur on or about August 3, 2017 (the "Closing Date"). The Offering will be offered to qualified investors in the provinces of Alberta, British Columbia and Ontario, and otherwise in those jurisdictions where the Offering can lawfully be made including the United States under applicable private placement exemptions.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities issued, or to be issued, under the Offering have not been, and will not be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

About ProMIS Neurosciences Inc.