OTTAWA, ONTARIO, (Accesswire - October 3, 2013) - Avivagen Inc. (TSXV:VIV), a wellness company developing and delivering products that support and enhance the health and quality of life for animals and the people who care for them, announces that it has closed its previously announced private placement of units for gross proceeds of $2,075,304. Avivagen is pleased that the high level of interest from investors allowed it to raise more than the $1.5 million minimum raise it had been targeting as per its previous press release.
"This funding will provide Avivagen greater means to build its business and drive sales of its Companion Animal and Livestock product lines," stated C.E.O. & President Cameron Groome. "We are thankful to the institutions, investment advisors and individual investors that participated and are hard at work justifying their support." "Concurrently, I am pleased to announce a personal commitment to monthly open-market purchases to augment my interests in Avivagen common shares," concluded Mr. Groome.
The private placement was comprised of the sale of 29,647,202 units with each unit being comprised of one common share and one-half of a common share purchase warrant, for a unit price of $0.07. Each whole warrant entitles the holder to acquire one common share of Avivagen at an additional purchase price of $0.12 for three years from closing.
Avivagen paid a total of $124,228.20 in cash and issued a total of 1,774,689 common share purchase warrants to finders in connection with the private placement. Each finders' warrant is exercisable into one common share of the Company for a period of two years at a price of $0.10 per share.
All securities issued via this placement are subject to statutory hold period expiring on February 2, 2014. The private placement remains subject to TSX Venture Exchange approval.
About Avivagen Inc.
Avivagen Inc. is a publicly-listed life sciences company trading on the TSX Venture Exchange under the ticker symbol "VIV". The Company's goal is to develop and deliver scientifically-proven solutions that can truly benefit companion and production animals by employing natural mechanisms for maintaining good health. Avivagen's targeted markets include Pet Wellness and Livestock Productivity.
The company has sites located in partnership facilities of the National Research Council of Canada (NRC) - in Ottawa, Ontario and Charlottetown, Prince Edward Island. More information can be found at www.avivagen.com.
Avivagen's proprietary and patent-protected technology is based on its discoveries concerning carotenoid antioxidants. The novel natural compounds discovered by Avivagen support the body's own systems to maintain and enhance health, particularly by supporting immune function. Avivagen's commercial-stage application of its technology is Fully-Oxidized beta-Carotene (OxC-beta). OxC-beta compounds occur naturally as carotenoid oxidation products in vegetation, but in minute amounts. They have been developed to support the health of companion animals and for use in the global food animal market.
Research results indicate OxC-beta supports innate immune function, which can help maintain good health. In pets, OxC-beta supports overall vitality and energy, mobility and joint function, skin, coat and gut. Results observed in food animals have included healthier growth, better utilization of feed and decreased mortality. In food animals, it is intended that use of OxC-beta avoids the feeding of antibiotics.
The commercial products of Avivagen are Oximunol(TM) Chewables, OxC-beta for livestock and Vivamune(TM) Health Chews.
About Vivamune(TM) Health Chews - "For dogs that dig life" and "For extraordinary cats"
Vivamune(TM) Health Chews, containing Avivagen's proprietary active ingredients, are scientifically-formulated chews for dogs and cats. Vivamune(TM) Health Chews work with a pet's own immune system to maintain overall health and well-being. They are sold in re-sealable packages of 30 chews and are currently available in the United States by ordering on-line at www.vivamunehealth.com.
About Oximunol(TM) Chewables - "Optimized Health in a Chewable Tablet"
Oximunol(TM) Chewables are scientifically-formulated chewable tablets that contain Avivagen's proprietary, patented active ingredient OxC-beta. OxC-beta has been shown to stimulate innate cellular immunity and may thereby help to maintain overall health and well-being. Oximunol(TM) Chewables are distributed by Bayer Healthcare LLC and are available through veterinarians for dogs of all ages in the United States.
About OxC-beta for Livestock
OxC-beta for Livestock is available as a 10% pre-mix sold in 1.0 or 5.0 Kg quantities for parts-per-million addition to animal feeds, in accordance with producer-developed protocols. In past studies, OxC-beta has been shown to support health and growth in species such as fish, chicken, pigs and cattle. OxC-beta for livestock is currently available for commercial sale in the Kingdom of Thailand.
Forward Looking Statements
This news release includes certain forward-looking statements that are based upon current expectations, which involve risks and uncertainties associated with the business of Avivagen Inc. and the environment in which the business operates. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions "will", "anticipate", "believe", "plan", "estimate", "expect", "intend", and similar expressions. The forward-looking statements reflect the current expectations of Avivagen Inc. regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Avivagen assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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CEO & President
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