VANCOUVER, BRITISH COLUMBIA- (October 22, 2013) - Pacific Therapeutics Ltd. (the "Company") announces the closing of the second tranche of its non-brokered private placement previously announced September 26, 2013. The Company has received additional proceeds in the amount of $99,000 for a combined gross aggregate total of $207,000. The Company will proceed with the balance of the offering up to $500,000 and intends to use the proceeds of the Private Placement for general working capital and investor relations.
The Company will issue 1,980,000 Units for the second tranche. Each unit is offered at $0.05 and consists of one common share in the Company and one share purchase warrant. The warrants are exercisable to purchase an additional common share at a price of $0.10 until October 18, 2016.
In connection with the placement the Company will also issue 40,000 Finders warrants also exercisable at $0.10 per warrant until October 18, 2016 as well as a cash finder's fee of $2,000.
ABOUT PACIFIC THERAPEUTICS LTD.
Pacific Therapeutics Ltd is a clinical stage specialty pharmaceutical company focused on the identification and development of drug candidates suitable for reformulation and repurposing. Its lead programs focus diseases of excessive scarring (fibrosis).
For further information visit our website at www.pacifictherapeutics.com or email us at firstname.lastname@example.org On Behalf of the Board of Directors
Douglas H. Unwin, CEO & President
FORWARD LOOKING STATEMENTS
Certain statements included in this press release constitute forward-looking information or statements (collectively, "forward-looking statements"), including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend", "may", "should" and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts but reflect current expectations regarding future results or events. This press release contains forward looking statements. These forward-looking statements are based on current expectations and various estimates, factors and assumptions and involve known and unknown risks, uncertainties and other factors.
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