Vancouver, BC / ACCESSWIRE / April 23, 2014 / Abattis Bioceuticals Corp. (the "Company" or "Abattis") (OTC PINK: ATTBF) (CSE: ATT) wishes to announce a proposed private placement of up to $2,000,000.
Under the terms of the private placement, Abattis will issue up to 2,000,000 units at a price of $1.00/unit. Each unit will consist of one common share and one share purchase warrant. Each warrant will be exercisable into one common share at a price of $1.12/share for a period of 18 months from the date of issue, subject to acceleration. The warrants will contain an acceleration component whereby Abattis will have the right to shorten the exercise period of the warrants to 30 days if its common shares close on the CSE at or above $1.45/share for a period of 10 consecutive trading days at any time after the statutory four month and one day hold period expires.
Proceeds from this offering will be used for acquisitions, joint venture opportunities, research and development, working capital, general corporate purposes and in identifying opportunities to expand the Phytalab.com brand and to set up or acquire labs in States where marijuana is legalized to ensure safety, efficacy and dosing of marijuana products that follows the American Herbal Pharmacopoeia cannabis monograph, which was sponsored, in part, by the Company in 2013 (refer to news release dated March 12, 2013).
Mike Withrow, President and CEO of Abattis stated: "We are pleased with the progress Phytalab.com has made in preparation of its soft launch on May 15th in Washington State. Phytalab is a complimentary business to its Canadian counterpart Northern Vine Canada Inc. Upon obtaining a Controlled Substance License Northern Vine will study the chemistry, pharmacology, therapeutic uses, toxicology of Cannabis and its constituents of synthetic and endogenous compounds that interact with cannabinoid receptors and of any compounds that target other components of the endocannabinoid system. A portion of these funds will be used to further Abattis' patent pending IP (announced November 13 2013) described as; Nutritional supplements that increase nitric oxide tissue levels, with a goal to include the applicable compounds present in cannabis and increase the effectiveness of the company's novel technology. We also own an all natural proprietary migraine formula that is a candidate for utilizing compounds found in cannabis and will explore this area as well."
About Abattis Bioceuticals Corp.
Abattis is a specialty biotechnology company with capabilities through its wholly owned subsidiaries of cultivating, licensing and marketing proprietary ingredients, bio-similar compounds, patented equipment and consulting services to medicinal markets in North America. The Company is positioned to capitalize on the fast growing trend toward marijuana legalization in the United States and for medicinal use in Canada and international jurisdictions, by supplying and partnering with companies to employ its mass cultivation systems, extraction equipment/technology, and strategic marketing support to licensed growers. The Company also has an extensive pipeline of high-quality products and intellectual property for the rapidly expanding botanical drug market. We follow strict standard operating protocols, and adhere to the applicable laws of Canada and foreign jurisdictions. For more information, visit the Company's website at: www.abattis.com.
ON BEHALF OF THE BOARD
Michael WithrowPresident & CEO
For further information, contact the Company's CEO, Michael Withrow at (778) 896-6536
or at [email protected].
NEITHER THE CSE EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
FORWARD LOOKING INFORMATION
This press release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this press release. Actual results could differ materially from those currently anticipated due to a number of factors and risks various risk factors discussed in the Company's most recent Management's Discussion and Analysis filed under the Company's profile on www.sedar.com. While the Company may elect to, it does not undertake to update this information at any particular time.