Preveceutical Announces First Tranche Closing of Private Placement
Summary
Vancouver, British Columbia--(Newsfile Corp. - May 29, 2024) - PreveCeutical Medical Inc. (CSE: PREV) (OTCQB: PRVCF) (FSE: 18H) (the "Company" or "PreveCeutical") is pleased to announce that further to its news release dated May 16, 2024, the Company has closed the first tranche of its non-brokered private placement (the "Private Placement") for gross proceeds of $115,000 through the sale of 4,600,000 units of the Company ("Units") at a price of $0.025 per Unit.Each Unit consists of one common share in capital of the Company (a "Common Share") and one-half of one Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder thereof to purchase one Common Share at an exercise price of $0.05 for a period of 24 months from the date of issuance, provided that if the closing price of the Common Shares on any Canadian stock exchange on which the Common Shares are then listed is at a price equal to or greater than $0.08 for a period of ten (10) consecutive trading days, the Company will have the right to accelerate the expiry date of the Warrants by issuing a press release or other form of notice permitted by the certificates representing the Warrants, announcing that the Warrants will expire at 4:00 p.m. (Vancouver time) on a date that is not less than 30 days from the date notice is given.The Company paid the following finders fees to certain finders in connection with the Private Placement: (i) an aggregate cash fee of $9,200; and (ii) an aggregate of 368,000 Common Share purchase warrants of the Company ("Finders Warrants"), with each Finders Warrant exercisable to acquire one Common Share at a price of $0.05 for a period of 24 months from the date of issuance.The Company intends to use the net proceeds of the Offering for working capital purposes, including payment of audit related fees.In accordance with applicable securities laws, the securities offered pursuant to the Private Placement are subject to a statutory hold period of four months and a day from the date of issuance.None of the securities sold under the Private Placement have been or will be registered under the U.S. Securities Act and will not be offered or sold in the United States, or to, or for the account or benefit of, U.S. persons or persons in the United States, absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.Not for distribution to U.S. news wire services or dissemination in the United States.PreveCeutical is a health sciences company focused on developing innovative options for preventive and curative therapies utilizing organic and nature identical products. The Company aims to be a leader in the preventive health sciences sector.With the completion of three of its research programs, the Company is actively working on the development, clinical trials, and commercialization of its products; and has filed a number of provisional patent applications to protect the intellectual property from its research programs.For more information about PreveCeutical, please visit our website www.PreveCeutical.com or follow us on Twitter and Facebook.On behalf of the Board of Directors of PreveCeuticalFor further information, please contact:Cautionary Note Regarding Forward-Looking Statements: This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. We seek safe harbor.To view the source version of this press release, please visit https://www.newsfilecorp.com/release/211044