PreveCeutical closes $340,000 initial tranche of private placement

PreveCeutical Medical Inc. (CSE: PREV) (OTCQB: PRVCF) (FSE: 18H0) completed the initial tranche of its previously announced $1,000,000 non-brokered private placement, raising $340,000 through the issuance of 13,600,000 units at $0.025 per unit.

Each unit consists of one common share and one-half of one share purchase warrant. The warrants allow holders to purchase additional shares at $0.05 per share for two years from the closing date. The company retains an acceleration right to shorten the warrant expiry period to 30 days if shares trade at $0.10 or higher for 10 consecutive trading days on the Canadian Securities Exchange.

The company paid $23,600 in finder's fees and issued 944,000 finder's warrants in connection with the closing. The finder's warrants carry the same exercise terms as the unit warrants.

PreveCeutical plans to use the proceeds to pay outstanding payables, cover operating expenses and support general working capital requirements. The company intends to close a second tranche for the remainder of the offering in the coming weeks.

All securities issued are subject to a four-month and one-day hold period following the closing date, in accordance with applicable securities laws. The securities have not been registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States without registration or an applicable exemption.

PreveCeutical develops preventive and curative therapies using organic and nature-identical products, with research programs covering diabetes and obesity gene therapy, analgesic peptides, and concussion treatments.

You May Also Be Interested In

• Alphabet added to Dow Jones Industrial Average, Verizon dropped
• Axis Capital Limited Upgrades Infosys Ltd. (INFO:IN) (INFY) to Buy (1)
• Axis Capital Limited Downgrades Wipro Ltd. (WPRO:IN) (WIT) to Reduce (3)