TORONTO, ONTARIO / ACCESSWIRE / February 3, 2015 / The Canadian Bioceutical Corporation ("BCC") (TSX VENTURE: BCC.V) announces today that it has received the final approval of the TSX Venture Exchange ("TSXV") to convert into equity an aggregate of $765,486.58, being the debt amount due from two Promissory Notes.
In order to settle the debt BCC is issuing 3,061,947 common shares and 846,155 common share purchase warrants (each exercisable into one common share at a price of $0.275 for a one year period).
Additional details of the Promissory Notes may be found on BCC's News Release of January 15, 2015.
All securities issued will be subject to a four-month-and-a-day hold period in accordance with the policies of the TSX Venture Exchange and applicable securities legislation.
Including the issuance described herein, BCC currently has 38,150,981 issued and outstanding common shares, 15,846,155 common share purchase warrants and 3,198,000 incentive stock options.
This transaction removes all remaining long-term debt from the balance sheet of BCC as it continues with a restructuring of its finances to support its growth plans.
About The Canadian Bioceutical Corporation
BCC, formerly Allegiance Equity Corporation, is an Ontario corporation that recently announced its plans to enter the medical marijuana industry.
For over two decades BCC has been developing unique standardized mass-market nutraceutical products for the treatment of common ailments where present pharmaceutical treatments and Over-the-Counter (OTC) products fail to meet the needs of patients. BCC has targeted markets having clearly identified product deficiencies and dissatisfied consumers afflicted with a variety of medical conditions. BCC obtains regulatory approval and patents for these unique compounds and formulations and may produce and distribute or license its products for royalty revenues.
BCC's principal brands are CinG-X(TM) and Relieva(TM).
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation that are not historical facts. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, the Transaction and BCC's objectives and intentions. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic and social uncertainties; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; delay or failure to receive board, shareholder or regulatory approvals; those additional risks set out in BCC's public documents filed on SEDAR at www.sedar.com; and other matters discussed in this news release. Although BCC believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, BCC disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the Policies of the Exchange) accepts responsibility of the adequacy or accuracy of this release.
For further information please contact:
Scott Boyes, President and CEO
scott@canadianbioceutical.com
(416) 223-6874
SOURCE: The Canadian Bioceutical Corporation