Sign up United Kingdom
Proactive Investors - Run By Investors For Investors

PreveCeutical Medical closes oversubscribed placing and brings in C$6.54mln

The funds were earmarked for research and development (R&D) programmes and for general working capital purposes
PreveCeutical Medical closes oversubscribed placing and brings in C$6.54mln
In all, around 130.8mln units were issued at $0.05 per unit for gross proceeds of $6,539,987.50

Health sciences company PreveCeutical Medical Inc (CSE:PREV) has closed its oversubscribed private placing, and raised C$6.54mln (gross).

In all, around 130.8mln units were issued at $0.05 per unit for gross proceeds of $6,539,987.50.

READ: Preveceutical to increase private placement to C$8mln due to investor demand

The funds were earmarked for research and development (R&D) programmes and for general working capital purposes.

"I am very pleased to announce this oversubscribed placement due to investor demand in our financing and see this as a strong endorsement of the quality of our research programmes and management team," said Stephen Van Deventer, chairman, chief executive and president of the group said.

"In keeping with our vision of becoming a global preventive health care company, PreveCeutical is continuing to meet key milestones with our portfolio of research and development programmes that will boost shareholder value."

Each unit consisted of one share and one share purchase warrant, with each warrant entitling the holder to acquire a further share for C$0.10  each for up to two years, until 29 June 2020.

Busy period

It's been a busy period for the firm. Earlier this month, the firm struck an agreement with Stadnyk & Partners to provide strategic advisory services to the company.

It will provide market awareness services to Preveceutical, and the company will issue two million stock options to Stadnyk & Partners.

In May this year, PreveCeutical said it had been awarded two additional permits by the Australian Government, Department of Health, for the importation of a second shipment of cannabis plant materials into Australia for research purposes and the shipment of dried cannabis materials.

In addition that month, it inked a non-disclosure agreement (NDA) with a globally recognized, innovative drug delivery device manufacturer.

This will allow the firm to enter discussions with the manufacturer for the supply of spray devices for use in the company's soluble gel drug delivery research program.

The aim is to apply the Sol-gel technology to cannabinoids (CBDs) to develop therapies for a range of symptoms, including pain, inflammation, seizures and neurological disorders.

Shares in Toronto are at C$0.075.

Join our Crypto, Blockchain and Cannabis Telegram group here
View full PREV profile View Profile

PreveCeutical Medical Inc Timeline

Related Articles

immunotherapy graphic
September 13 2018
A clinical trial application for the potential cancer treatment is on track to be filed in the current quarter, and that will be followed by patient recruitment towards the end of the year
August 21 2018
The company aims to revolutionise the HPA production process, eschewing the laborious bauxite-sourced method.
scientist in lab
September 11 2018
The phase 1b trial of Silence’s lead candidate, SLN124, a treatment for a rare blood disorder, is scheduled to begin in the second half of 2019

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use