Proactive Investors - Run By Investors For Investors

PreveCeutical Medical closes C$305,000 non-brokered private placement financing

Net proceeds will be used to fund R&D programs as well as for general working capital
Jars of medical liquid
The company is seeking partners for the Sol-gel platform for delivery of cannabinoids

PreveCeutical Medical Inc (OTCMKTS:PRVCF) (CSE:PREV) announced Tuesday the closing of a C$305,000 non-brokered private placement financing.

The health-sciences company said in a statement that it plans to use net proceeds to fund research and development programs and as general working capital.

A total of 6.1 million units were issued at a price of C$0.05 per unit for gross proceeds of C$305,000. Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to acquire one additional share at a price of C$0.08 per share for a period of 24 months, expiring February 11, 2021.

READ: PreveCeutical explores partnerships with pharma and biotech companies for co-development of Sol-Gel 

If the stock’s closing price is at least C$0.12 per share for a minimum of 10 consecutive trading days starting four months and one day after the closing of the financing, the company may accelerate the expiration of the warrants.

Shares fetched C$0.05 in Tuesday’s Canadian trading. They traded at US$0.04 on the OTC Markets.

The Vancouver-based company added that it has drawn down an additional C$205,000 from credit facilities. 

PreveCeutical’s work includes development of a dual gene therapy for curative and prevention therapies for diabetes and obesity and its Sol-gel platform for nose-to-brain delivery of medical compounds including cannabinoids.

Last month, the company said it plans to kick off exploratory discussions about potential partnerships with pharmaceutical and biotech companies to co-develop  Sol-Gel.

Contact Dennis Fitzgerald at [email protected]

Join Proactive’s Crypto, Blockchain and Cannabis Telegram group here
View full PREV profile View Profile

PreveCeutical Medical Inc Timeline

Related Articles

Pictured is the company's myLotus test
May 15 2019
Here we take a closer look at testing firm Concepta PLC (LON:CPT)
harley street
May 10 2019
Work at Advanced Onco’s Harley Street facility is due to complete within the next few months, and the first patient treated by LIGHT is slated for the second half of 2020
man pointing to brain
April 25 2019
Brain Scientific’s EEG technology is far cheaper and less bulky than a traditional EEG system, but provides EEG tracings of the same quality
Copyright © Proactiveinvestors.com, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use