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: www.abattis.com