Business
Abattis Announces $8 Million Financing and Successfully Closes First Tranche of Financing
Abattis Announces $8 Million Financing and Successfully Closes First Tranche of Financing.
About this update from Abattis Bioceuticals Corp
[{"type":"text","content":"\n\n NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES\n VANCOUVER, British Columbia, March 27, 2018 (GLOBE NEWSWIRE) --  Abattis Bioceuticals Corp. (the \"Company\" or \"Abattis\") (CSE:ATT) (OTC:ATTBF) is pleased to announce that it is has cancelled its previously announced non-brokered private placement for gross proceeds of up to $6 million, as described in the Company’s news release dated February 9, 2018, and is undertaking a new non-brokered private placement (the “Offering”) for gross proceeds of up to $8 million. The Company also announces that it has successfully closed the first tranche (the “First Tranche”) of the Offering through the issuance of 18,518,518 Units (defined herein) for gross proceeds of $5 million. Pursuant to the Offering, the Company will issue up to an aggregate of 29,629,629 units (each, a “Unit”) of the Company, including those issued pursuant to the First Tranche, at a price of $0.27 per Unit. Each Unit will consist of one common share (a “Common Share”) of the Company and one common share purchase warrant (a “Warrant”), each Warrant entitling the holder to purchase one Common Share at an exercise price of $0.30 per Common Share for a period of twelve months from the closing date of the Offering. In the event that the Common Shares trade at a price on the Canadian Securities Exchange (the “Exchange”) (or such other exchange on which the Common Shares may be traded at such time) of greater than $0.50 per Common Share for a period of 10 consecutive trading days, Abattis may accelerate the expiry date of the Warrants by giving notice to the holders thereof (by disseminating a press release advising of the acceleration of the expiry date of the Warrants) and, in such case, the Warrants will expire on the thirtieth day after the date of such notice. The proceeds from the Offering will be used for general working capital. 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 ...