PreveCeutical announces $1 million private placement offering

PreveCeutical Medical Inc. (CSE: PREV) (OTCQB: PRVCF) (FSE: 18H0) announced a non-brokered private placement offering of up to 40 million units at $0.025 per unit for gross proceeds of up to $1 million.

Each unit consists of one common share and one-half of a share purchase warrant. The warrants allow holders to purchase additional shares at $0.05 per share for two years from closing. The warrant expiry can be accelerated if the company's share price on the Canadian Securities Exchange reaches $0.10 or higher for 10 consecutive trading days.

The company stated it intends to use proceeds for short loan repayments, audit and legal fees, patents, rodent and tissue studies, and general working capital.

All securities from the offering will be subject to a statutory hold period of four months and one day after closing. Completion requires confirmation of no objection from the CSE, according to the company's statement.

PreveCeutical develops preventive and curative therapies using organic products. The Vancouver-based company operates five research programs including dual gene therapy for diabetes and obesity, peptide treatments, and concussion therapy products.

The securities will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States without registration or exemption.

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