Vodis Pharmaceuticals Inc. (CSE:VP, FWB:1JV1) (“Vodis” or the “Company”) is pleased to announce the closing of a non-brokered private placement of 8,060,000 units (each, an “Offered Unit”) at a price of $0.25 per Offered Unit (the “Offering”) for gross proceeds of $2,015,000. The proceeds from the Offering will be used to complete the expansion of the Company’s facility in Bellingham, Washington, and the process of upgrading its Delta, BC, location, and for general working capital and corporate purposes.
Each Offered Unit consisted of one common share of the Company and one common share purchase warrant, whereby each warrant entitles the holder thereof to acquire one additional common share of the Company at a price of $0.33 for a period of five (5) years from the date of issuance. All securities issuable in connection with the Offering are subject to a statutory hold period of four months following the date of issuance.
A director of the Company participated in the Offering by purchasing an aggregate of 1,300,000 Offered Units. Accordingly, the Offering constituted to that extent a related party transaction as defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, as neither the fair market value of any shares issued to, nor the consideration paid by such person, exceeded 25% of the Company’s market capitalization. Further, neither the Company nor the related party has knowledge of any material information concerning the Company or its securities that has not been generally disclosed.
This press release shall not constitute an offer to sell or solicitation of an offer to buy the securities in any jurisdiction. The securities will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements.
About Vodis Pharmaceuticals Inc.
Vodis is one of North America’s foremost brand names in the medical and recreational marijuana business with operations in both the United States and Canada. Its master grow teams have consistently won or placed at each Canadian competition they have entered with their “VIP” brand. The Company, with facilities in British Columbia and Washington State, is also actively looking into expansion opportunities in other countries and throughout the United States.
While Vodis and its subsidiaries cannot have any interest whatsoever in any proceeds as a result of production, processing or retail activities in the United States, it can license its brand, production and consulting services to approved Washington State license holders to ensure that all products produced under the Vodis Pharmaceuticals program and/or associated under the VIP brand meet or exceed the Vodis brand quality standards.
For further information please contact:
Ivan Miliovski, CEO
Vodis Pharmaceuticals Inc.
1-866-210-1420, extension 103
Vodis Pharmaceuticals Inc.
8788 River Road
Delta, BC V4G 1B4
Forward-Looking Information: This news release contains certain forward-looking information that reflects the current views and/or expectations of the Company with respect to its performance, business and future events. Forward-looking information is based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the business and the industry and markets in which the Company operates. Statements constituting forward-looking information are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Investors are cautioned that all forward-looking information involves risks and uncertainties. These risks, as well as others, could cause actual results and events to vary significantly. Accordingly, readers should not place undue reliance on forward-looking information, which is qualified in their entirety by this cautionary statement. There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward-looking information, will prove to be accurate. The Company does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking information, except as required by applicable securities law.
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.
Not for distribution to United States newswire services or for dissemination in the United States.
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