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PreveCeutical Medical closes C$305,000 non-brokered private placement financing

Net proceeds will be used to fund R&D programs as well as for general working capital
Jars of medical liquid
The company is seeking partners for the Sol-gel platform for delivery of cannabinoids

PreveCeutical Medical Inc (OTCMKTS:PRVCF) (CSE:PREV) announced Tuesday the closing of a C$305,000 non-brokered private placement financing.

The health-sciences company said in a statement that it plans to use net proceeds to fund research and development programs and as general working capital.

A total of 6.1 million units were issued at a price of C$0.05 per unit for gross proceeds of C$305,000. Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to acquire one additional share at a price of C$0.08 per share for a period of 24 months, expiring February 11, 2021.

READ: PreveCeutical explores partnerships with pharma and biotech companies for co-development of Sol-Gel 

If the stock’s closing price is at least C$0.12 per share for a minimum of 10 consecutive trading days starting four months and one day after the closing of the financing, the company may accelerate the expiration of the warrants.

Shares fetched C$0.05 in Tuesday’s Canadian trading. They traded at US$0.04 on the OTC Markets.

The Vancouver-based company added that it has drawn down an additional C$205,000 from credit facilities. 

PreveCeutical’s work includes development of a dual gene therapy for curative and prevention therapies for diabetes and obesity and its Sol-gel platform for nose-to-brain delivery of medical compounds including cannabinoids.

Last month, the company said it plans to kick off exploratory discussions about potential partnerships with pharmaceutical and biotech companies to co-develop  Sol-Gel.

Contact Dennis Fitzgerald at [email protected]

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