that's one done,PP
Veritas Pharma closes $151,950 private placement
2016-12-30 13:54 ET - News Release
Dr. Lui Franciosi reports
PRIVATE PLACEMENT OFFERING
Further to its news releases dated Sept. 16, 2016, and Nov. 21, 2016, Veritas Pharma Inc. has completed its non-brokered private placement of 506,500 units at a price of 30 cents per unit for aggregate gross proceeds of $151,950.
Each unit comprises one common share and one-half of one share purchase warrant of the company of the company. Each whole warrant will entitle the holder to purchase one share at an exercise price of 50 cents per warrant share for a period of 18 months from the date of issuance until June 29, 2018; however, in the event that the closing price (or closing bid, if no sales were reported on a trading day) of the company's shares as quoted on the Canadian Securities Exchange, or such other securities exchange, quotation system or market on which the shares are listed, and where a majority of the trading volume of the shares occurs) exceeds 80 cents per share for a price of 10 consecutive trading days, the company may, within five days of such event, provide notice by way of news release of early expiry, in which event the warrants will expire 30 days from the date of such news release.
The company paid a finder's fees of a total of $1,200 in cash and issued 4,000 finder's warrants in accordance with the policies of the exchange. Each finder's warrant is convertible into one share at a price of 50 cents per finder's warrant share for a period of 18 months from the date of issuance until June 29, 2018, subject to the acceleration clause.
All securities issued pursuant to offering are subject to a hold period expiring on April 30, 2017.
About Veritas Pharma
Veritas Pharma is an emerging-stage pharmaceutical and intellectual property development company, which, through Cannevert Therapeutics Ltd., is advancing the science behind medical cannabis.