VANCOUVER, British Columbia, Nov. 9, 2015 (GLOBE NEWSWIRE) -- Vodis Pharmaceuticals Inc. (the "Company" or "Vodis") (CSE:VP) (FSE:1JV) announces the closing of the first tranche of the previously announced non-brokered private placement of $750,000. The first tranche consists of a total of 2,170,000 shares of the company's stock at the subscription price of $0.10 per common share for gross proceeds of $217,000 (the "Offering"). The shares have a four month and one day hold period expiring on March 6, 2016.
In connection with the Offering, the Company paid finders' fee of 10% cash and 10% finders' warrants for a total of $21,700 and issued 217,000 non-transferable share purchase warrants ("Finders' Warrants") to Canaccord Genuity Corp. Each Finders' Warrants entitles the holder to purchase one additional common share of the Company at an exercise price of $0.10 for a two year period, expiring on November 6, 2017.
The proceeds of the private placement will be used for expansion of its' facilities in Washington State, USA and general working capital purposes.
About Vodis Pharmaceuticals Inc.
Vodis is one of North Americas foremost brand names in the medical and recreational marijuana business with operations in both the US and Canada. Its master grow teams have consistently won or placed at each competition they have entered with their "VIP" brand. The Company, with facilities in BC and Washington State, is also actively looking into expansion opportunities in other countries and US states.
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.
Certain information contained herein may constitute "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "expects" or "it is expected", or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including: the use of proceeds of the Offering, the receipt of all necessary regulatory approvals. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that is incorporated by reference herein, except as required by applicable securities laws.
CONTACT: For further information please contact:
Head of Corporate Communications
Vodis Pharmaceuticals Inc.
8788 River Road
Delta, BC V4G 1B5
Direct: 1-866-210-1420 ext. 110