Vancouver, British Columbia–(Newsfile Corp. – December 19, 2017) – Abattis Bioceuticals Corp. (CSE: ATT) (OTCQB: ATTBF) (the “Company” or “Abattis“) is pleased to announce that, further to its news release dated December 15, 2017, it has completed the first tranche of its non-brokered private placement of units (each, a “Unit“) for gross proceeds of up to $6 million (the “Private Placement“).
“The Company is very pleased by overwhelming demand for our private placement” said Rob Abenante, President and CEO of Abattis. “We are closing this first tranche after only two days in order to proceed with our aggressive growth plans prior to the holiday season.”
Pursuant to the first tranche, the Company issued 9,302,323 Units at a price of $0.43 per Unit, for gross proceeds of $4,000,000. Each Unit consists of one common share of the Company (a “Share“) and one half of one common share purchase warrant of the Company (each whole warrant, a “Warrant“), with each Warrant entitling the holder to purchase an additional Share for a period of 36 months at an exercise price of $0.65, subject to acceleration in the event that the Shares trade above $0.75 for 10 consecutive trading days.
The Company intends to use the proceeds from the Private Placement to pursue strategic assets, expand its laboratory business, expand its extraction technology business and for working capital and general corporate purposes.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“) or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Abattis Bioceuticals Corp.
Abattis is a life sciences and biotechnology company which aggregates, integrates, and invests in cannabis technologies and biotechnology services for the legal cannabis industry developing in Canada. The Company has successfully developed and licensed natural health products, medicines, extractions, and ingredients for the biologics, nutraceutical, bioceutical, and cosmetic markets. The Company is also seeking to acquire exclusive intellectual property rights to agricultural technologies to be employed in extraction and processing of botanical ingredients and compounds. The Company follows strict standard operating protocols, and adheres to the applicable laws of Canada and foreign jurisdictions. For more information, visit the Company’s website at:Â www.abattis.com
ON BEHALF OF THE BOARD OF
ABATTIS BIOCEUTICALS CORP.,
“Rob Abenante”
Robert Abenante, President & CEO
For more information, please visit the Company’s website at: www.abattis.com or www.northernvinelabs.com
For inquiries, please contact the Company at (604) 336-0881 or at [email protected].
Certain information set out in this news release constitutes forward-looking information, which may include information relating to the proposed financing of the Company and its use of proceeds. Forward-looking statements (often, but not always, identified by the use of words such as “expect”, “may”, “could”, “anticipate”, or “will”, and similar expressions) may describe expectations, opinions or guidance that are not statements of fact and which may be based upon information provided by third parties. Forward-looking statements are based upon the opinions, expectations and estimates of management of the Company as at the date the statements are made and are subject to a variety of known and unknown risks and uncertainties and other factors that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking statements. Those factors include, but are not limited to statements regarding the expected proceeds from the Private Placement, the use of proceeds from the Private Placement, risks, uncertainties and other factors that are beyond the control of the Company, risks associated with the industry in general, rules and regulations relating to the cannabis industry, operational risks associated with development and production operations, delays or changes in plans and unanticipated costs and expenses, among others. In light of the risks and uncertainties associated with forward-looking statements, readers are cautioned not to place undue reliance upon forward-looking information. In particular, there is no assurance that the private placement will close in the manner or on the terms outlined above. Although the Company believes that the expectations reflected in the forward-looking statements set out in this news release are reasonable, it can give no assurance that such expectations will prove to have been correct. The forward-looking statements of the Company contained in this news release are expressly qualified, in their entirety, by this cautionary statement. Except as required by law, we do not undertake to update any forward-looking statement contained in this news release.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
