Vancouver, British Columbia / ACCESSWIRE / August 26, 2014 / Vodis Pharmaceuticals Inc. (the "Company" or "Vodis") (CSE: VP / FSE: 1JV)) is pleased to announce that it has closed the first tranche of its previously announced non-brokered private placement in the amount of $685,000 (see news release dated August 18, 2014)
In conjunction with the closing of the first tranche, the company will issue an aggregate of 1,712,500 units, at a subscription price of 40 cents per unit for gross proceeds of $685,000.00. Each unit consts 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 first tranche to make final preparations at our Canadian Delta facility for an inspection from Health Canada, for expansion opportunities as well as general working capital.
The company also announces that it intends to pay $80,000 for services rendered through the issuance of 200,000 common shares at a price of $.40 per common share. The common shares issued in connection with this transaction will be subject to a four-month hold period.
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:
CFO & Director
104-1037 West Broadway
Vancouver, BC V6H 1E3
direct: 1-866-210-1420 ext. 106
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.
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.