Vancouver, British Columbia / ACCESSWIRE / October 1, 2014 / Vodis Pharmaceuticals Inc. (the "Company" or "Vodis") (CSE: VP / FSE: 1JV)) is pleased to announce that it has closed the second tranche of its previously announced non-brokered private placement in the amount of $509,000 (see news release dated August 18, 2014). Together with the first tranche of $685,000 (see news release August 26, 2014), the company has raised $1,194,000 of the previously announced $1.5 Million.
In conjunction with the closing of the first tranche, the company will issue an aggregate of 1,272,500 units, at a subscription price of 40 cents per unit for gross proceeds of $509,000.00. Each unit consists of one common share ("Common Shares") of Vodis Pharmaceuticals 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. The 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.
Vodis Pharmaceuticals plans to use the net proceeds of this second tranche to make final preparations at its Canadian facility for an inspection from Health Canada, for expansion opportunities as well as general working capital.
About Vodis Pharmaceuticals
Vodis is one of Canada's foremost brand names in the medical marijuana business. Its master grow teams have consistently won or placed at each competition we have entered. The company is awaiting a Health Canada inspection to begin production at its state-of-the-art 12,000 square foot facility in Canada, which will have a theoretical capacity of up to 200 pounds per month or up to $8.7 million in annual revenue.
For more information please contact:
Brian Gusko
Chief Financial Officer
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:
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.