Vancouver, British Columbia / April 14, 2015 – Vodis Pharmaceuticals Inc. (the “Company” or “Vodis”) ($VP:CSX) (FSE: 1JV) has closed the second and final tranche of a non-brokered private placement of $226,000(2,260,000 units) plus shares for debt settlement of $186,835.20(1,858,358 units) at a subscription price of 10 cents per unit. Each unit comprises one common share in the capital of the Company. There is a four month hold period expiring August 14, 2015.
Due to better than expected investor interest, the initially announced $500,000 private placement was over-subscribed and closed with $686,000 in total gross proceeds. Otto Folprecht CEO & Director states, “We are very pleased with continued shareholder and investor confidence as reflected by the over-subscription in the private placement. Furthermore, the over-subscription is a testament to the management team and the future plans for Vodis and the Vodis brand”.
The proceeds of the private placement will be used for expansion opportunities in the US and European markets and for general working capital purposes.
The following insiders of the Company participated in the private placement: Derek Good, for 600,000 units, Otto Folprecht, CEO, for 188,652 units and Brian Gusko, CFO, for 150,000 units
In connection with the financing, the company will pay to qualified recipients, associated fees of 7% cash commission and 7% finders’ warrants, or $7,070 and 70,700 finders’ warrants. Finders’ warrants are exercisable at $0.25 per share for a period of two years.
For further information please contact:
Head of Corporate Communications
8788 River Road
Delta, BC V4G 1B5
Direct: 1-866-210-1420 ext. 110
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.
This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. All of the forward-looking statements made in this news release and any accompanying graphic links are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation. This news release does not constitute an offer to sell securities and the Company is not soliciting an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
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