Vancouver, British Columbia / ACCESSWIRE / August 18 2014 / Vodis Pharmaceuticals Inc. (the "Company" or "Vodis") (CSE: VP / FSE: 1JV)) is proposing a non-brokered private placement offering of up to a maximum of 3,750,000 common shares ("Common Shares") of the Company at a subscription price of $0.40 per Unit. Each unit is comprised of one common share ("Common Share") in the capital of the Company and one-half of one common share purchase warrant ("Warrant") where each whole Warrant entitles the holder to purchase one additional common share ("Warrant Share") at an exercise price of $0.80 per Warrant Share for a period of two years following the date of issuance of the Warrant.
Warrants are subject to an accelerated expiry provision where if at any time after the closing date of the offering of the Units, the closing price of the Common Shares is $1.00 or higher for a period of 10 consecutive trading days. 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.
In connection with the financing, the Company will pay to qualified recipients a cash finder's fee of 8% and a 4% Broker Warrants commission. The proceeds of the private placement will be used for working capital and for additional expansion opportunities in the marijuana sector.
About Vodis Pharmaceuticals
Vodis is one of Canada's foremost brand names in the medical marijuana business. Its products have consistently won or placed at each competition we have entered. The company is well advanced in the MMPR application process to become a Licenced Producer at its state-of-the-art 12,000 square foot facility in Canada.
For further information please contact:
Brian Gusko
CFO & Director
Vodis Pharmaceuticals
104-1037 West Broadway
Vancouver, BC V6H 1E3
direct: 1-866-210-1420 ext. 106
web: www.vodis.ca
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.
Forward-Looking Information:
responsibility for the adequacy or accuracy hereof.
This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. All of the forward-looking statements made in this news release and any accompanying graphic links are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation. This news release does not constitute an offer to sell securities and the Company is not soliciting an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
This news release, required by applicable Canadian laws, is not for distribution to U.S. news services or for dissemination in the United States and does not constitute an offer of securities for sale in the United States. These securities have not and will not be registered under United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to a U.S. Person unless so registered, or an exemption from registration is relied upon.
SOURCE: Vodis Pharmaceuticals Inc.