Vancouver, British Columbia--(Newsfile Corp. - December 12, 2017) - Abattis Bioceuticals Corp. (CSE: ATT) (OTCQB: ATTBF) (the "Company" or "Abattis") is pleased to announce it has successfully closed the previously announced non-brokered private placement for gross proceeds of up to $4,000,000 (the "Private Placement")
"We are pleased by the confidence strategic investors have shown by this capital raise. Abattis will continue to work on organically growing our portfolio and searching for only the best strategic acquisitions," said Rob Abenante, President and CEO of Abattis. "The clear success of this capital raise is further proof that Abattis can efficiently gain access to capital. We can now continue to move forward in expanding our downstream services and look forward to an exciting 2018."
Pursuant to the Private Placement, the Company issued an aggregate of 20,294,153 units at a price of $0.18 per unit, for gross proceeds of $3,652,947.54. Each unit sold in the Private Placement consists of one common share of the Company, and one transferable common share purchase warrant of the Company, with each warrant entitling the holder to purchase an additional common share for a period of 36 months at an exercise price of $0.25. The warrant contains an acceleration clause should the Company's shares trade above $0.325 for 10 consecutive trading days. Certain securities issued in the Private Placement are subject to a hold period of four months and one day from the date of issuance, during which time the securities may not be traded.
The Company intends to use the proceeds from the investment to pursue strategic assets, expand its laboratory business, expand its extraction technology business and for working capital and general corporate purposes.
The Company also announces that, pursuant to the distributorship agreement between Abattis and Suzhou Raybot Material Tech Corp. ("Raybot"), a milestone achievement which required the issuance of $400,000 worth of Abattis common shares was reached and, as such, 2,105,263 common shares were issued at $0.19 per share with a four month and one day hold.
Securities described herein have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States unless registered under the Act, or unless an exemption from 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: www.abattis.com
ON BEHALF OF THE BOARD,
ABATTIS BIOCEUTICALS CORP,
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]
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