VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 10, 2015) - THC BioMed Intl Ltd. ("THC" or "the Company") (CSE:THC)(OTC PINK:THCBF)(FRANKFURT:TFHC) is pleased to announce the closing of the first tranche of a non-brokered private placement (the "Private Placement") in which THC has raised aggregate gross proceeds of $900,000. THC has issued 7,500,000 units (Each a "Unit") at a price of $0.12 per Unit. Each Unit is comprised of one common share and one common share purchase warrant exercisable at $0.25 per share for a period of 12 months, subject to an accelerated exercise provision that if the closing sales price of the Company's common shares is $0.20 or higher for a period of 10 consecutive trading days, then the Company may, within five days of such event, provide notice by way of press release to the holder of the warrants of the early expiry of the warrants, and thereafter the warrants shall expire on that date that is 30 days from the date that such notice is given.
A finder's fee of $36,000 was paid in cash and an additional 150,000 share purchase warrants, having the same terms and conditions as the warrants included in the Units, were issued to a finder in connection to the Private Placement.
The Company has also issued 775,341 common shares at $0.12 per share to settle aggregate debt of $90,640.49 All shares issued, as well as any shares issued on exercise of the share purchase warrants, shall contain the statutory four month hold period from the date of issuance.
The Company also announces that Dianne Szigety has been appointed as Corporate Secretary. Ms. Szigety brings over 20 years of management experience within the corporate and securities industry, providing corporate governance and compliance solutions to publicly traded companies. She has been a director and/or officer of several public and private companies and is a Fellow with the Institute of Chartered Secretaries and Administrators ("ICSA").
THC's vision is to be on the leading edge of scientific research and development of products and services related to the medical cannabis industry while creating a standard of excellence. As the industry develops, it will become more important to focus on scientific research and development of products and services related to medical cannabis. Management believes THC is well-positioned to be in the forefront of this rapidly growing industry.
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Forward-Looking Information:
This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of THC. Forward-looking information is based on certain key expectations and assumptions made by the management of THC. Although THC believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because THC can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. THC disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.