PreveCeutical Amends Terms of Warrants to Extend Expiry Date
Vancouver, British Columbia--(Newsfile Corp. - June 8, 2018) - PreveCeutical Medical Inc. (CSE: PREV) (OTCQB: PRVCF) (FSE: 18H) (the "Company" or "PreveCeutical"), announces that it will be amending the terms of 20,280,000 (4,076,000 pre-forward stock split) common share purchase warrants (each, a "Warrant") previously issued pursuant to a non-brokered private placement that closed on June 29, 2017.
The Warrants were originally exercisable by the holder at a price of $1.00 per common share in the capital of the Company (each, a "Share") for a period of 12 months from the date of issuance. The expiry date of the Warrants will be extended by 12 months.
As previously announced on May 17, 2018, effective May 30, 2018, the Company completed a forward stock split (the "Stock Split") of the Company's issued and outstanding Shares on the basis of five (5) new Shares for each one (1) existing Share. The record date for the Stock Split was May 24, 2018 and on May 23, 2018 the Shares began trading on an "ex-distribution" basis. The Stock Split also resulted in a corresponding forward split of the Warrants.
Following the extension of the term of the Warrant, each Warrant will entitle the holder thereof to acquire one Share at an issue price of $0.20 per Share on or before June 29, 2019; provided that in the event that the closing price of the Shares trading on the Canadian Securities Exchange is at least $0.30 or more for 10 consecutive business days, the Company will have the option of accelerating the expiration date for the exercise of the Warrants by giving at least 14 business days' prior notice to the holders of the Warrants.
PreveCeutical is a health sciences company that develops innovative options for preventive and curative therapies utilizing organic and nature identical products.
PreveCeutical aims to be a leader in preventive health sciences and currently has five research and development programs, including: dual gene therapy for curative and prevention therapies for diabetes and obesity; a soluble gel drug delivery platform research program; Nature Identical™ peptides for treatment of various ailments; non-addictive analgesic peptides as a replacement to the highly addictive analgesics such as morphine, fentanyl and oxycodone; and a therapeutic product for treating athletes who suffer from concussions (mild traumatic brain injury).
PreveCeutical sells CELLB9®, an Immune System Booster. CELLB9® is an oral solution containing polarized and potentiated essential minerals extracted from a novel peptide obtained from Caribbean Blue Scorpion venom. This product is available on the Company's website.
On Behalf of the Board of Directors
"Stephen Van Deventer"
Chairman, CEO and President
For further information, please contact:
Director of Corporate Communications & Investor Relations
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and U.S. securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements in this news release that are not purely historical are forward-looking statements and include statements regarding beliefs, plans, expectations and orientations regarding the future including, without limitation, the extension to the term of the Warrants, the Company's anticipated business plans and its prospect of success in executing its proposed plans. Often, but not always, forward-looking statements can be identified by words such as "plans", "expects", "may", "intends", "anticipates", "believes", "proposes" or variations of such words including negative variations thereof and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. Actual results could differ from those projected in any forward-looking statements due to numerous factors including, but not limited to, receipt of the required approval of the extension to the term of the Warrants by the Canadian Securities Exchange and the inability of the Company to execute its proposed business plans and obtain the financing required to carry out its planned future activities. Other factors such as general economic, market or business conditions or changes in laws, regulations and policies affecting the biotechnology or pharmaceutical industry, may also adversely affect the future results or performance of the Company. These forward-looking statements are made as of the date of this news release and, unless required by applicable law, the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in these forward-looking statements. Although the Company believes that the statements, beliefs, plans, expectations, and intentions contained in this news release are reasonable, there can be no assurance that those statements, beliefs, plans, expectations, or intentions will prove to be accurate. Readers should consider all of the information set forth herein and should also refer to other periodic reports provided by the Company from time-to-time. These reports and the Company's filings are available at www.sedar.com.
Readers are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly, are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements.