TORONTO, ON / ACCESSWIRE / December 19, 2014 / The Canadian Bioceutical Corporation ("BCC") (TSX VENTURE: BCC.V) announces today that has applied for TSX Venture Exchange approval to consummate a private placement of 1,923,077 common shares at a price of $0.13 per share to raise $250,000 of new equity financing.
It is anticipated that the proceeds of the financing will be used as general working capital and to further develop the ANQ business model.
The private placement is non-brokered and no finder's fees are payable in association therewith.
All securities issued pursuant to this private placement will be subject to a hold period that will extend a minimum of four (4) months subsequent to the closing of the private placement.
Upon the closing of the above-mentioned private placement, BCC would have 35,165,957 issued and outstanding common shares, 15,000,000 common share purchase warrants and 3,198,000 incentive stock options.
BCC also announces today that it has incorporated a wholly-owned subsidiary in anticipation of entering into the medical marijuana industry. Management is presently organizing a plan and further information is expected to be available to be released in early 2015.
About The Canadian Bioceutical Corporation
BCC, formerly Allegiance Equity Corporation, is an Ontario corporation that, for over two decades has been developing unique standardized mass-market nutraceutical and bioceutical 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
[email protected]
(416) 223-6874
SOURCE: The Canadian Bioceutical Corporation