Health sciences company PreveCeutical Medical (CSE: PREV) (OTCQB: PRVCF) (FSE: 18H) this morning announced a non-brokered private placement of up to 16 million units at the price of $0.25 per unit for total gross proceeds of up to CAD$4,000,000. Each unit is comprised of one common share of the company and one warrant with an exercise price of $0.50 per share for a period of 24 months from the closing of the offering. The units are subject to an acceleration provision that enables sooner expiration of the warrants if the closing price of the shares on the Canadian Securities Exchange is $1.00 for a minimum of ten consecutive trading days. The warrants will expire 30 days after the company notifies the warrant holders of the accelerated expiry. PreveCeutical intends to use the proceeds of the private placement to fund its research & development programs and for general working capital purposes. Additionally, PreveCeutical announced that its 2018 annual general and special meeting will be taking place on May 11, 2018 in Vancouver, British Columbia. The meeting will include the election of directors and other annual maintenance matters as well as the consideration of shareholders to approve the forward split of the company’s issued and outstanding common shares on the basis five new shares for each one old share. PreveCeutical also announced the resignation of Kimberly Van Deventer as the president and a director of the company. Stephen Van Deventer has been appointed as president.
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About PreveCeutical Medical Inc.
PreveCeutical Medical Inc. is a health sciences company that develops innovative preventive therapies utilizing organic and nature identical products. PreveCeutical aims to be a leader in preventive health sciences and currently has five research and development programs, including: dual gene therapy for curative and prevention therapies for diabetes and obesity; a Sol-gel platform for nose to brain delivery of medical compounds including cannabinoids; Nature Identical™ peptides for treatment of various ailments; non-addictive analgesic peptides as a replacement to highly addictive analgesics such as morphine, fentanyl and oxycodone; and a therapeutic product for treating athletes who suffer from concussions (mild traumatic brain injury). PreveCeutical sells CELLB9®, an Immune System Booster. CELLB9 is an oral solution containing polarized and potentiated essential minerals extracted from a novel peptide obtained from Caribbean Blue Scorpion venom. For more information, visit the company’s website at www.PreveCeutical.com.
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