VRT,this is how you do it Dr. Lui Franciosi reports
PRIVATE PLACEMENT OFFERING
Further to the news release dated Jan. 9, 2017, Veritas Pharma Inc. has completed its non-brokered private placement of 9,916,590 units at a price of 22 cents per unit for aggregate gross proceeds of $2,181,650.
Each unit is composed of one common share and one share purchase warrant of the company of the company. Each warrant will entitle the holder to purchase one share at an exercise price of 30 cents per warrant share for a period of 18 months from the date of issuance until July 9, 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 finders' fees of a total of $49,500 in cash and issued 225,000 finders' warrants in accordance with the policies of the exchange. Each finder's warrant is convertible into one share at a price of 30 cents per finder's warrant share for a period of 18 months from the date of issuance until July 9, 2018, subject to the acceleration clause.
All securities issued pursuant to the offering are subject to a hold period expiring on May 10, 2017.
About Veritas Pharma
Veritas Pharma is an emerging-stage pharmaceutical and intellectual property development company, which, through Cannevert Therapeutics Ltd. (CTL), is advancing the science behind medical cannabis. It is the company aim, through its investment in CTL, to develop the most effective cannabis strains (cultivars) specific to pain, nausea, epilepsy and PTSD, solving the critical need for clinical data to support medical marijuana claims. Veritas's investment in CTL is led by strong management team, bringing together veteran academic pharmacologists, anesthetists and chemists. The company's commercial mission is to patent protect CTL's IP (cultivars and strains) and sell or license to cancer clinics, insurance industry and pharma, targeting multibillion-dollar global markets