Southbridge Resources Corp. (“Southbridge”) is pleased to announce that it has completed the non-brokered private placement announced on March 19, 2014 consisting of 1,550,000 common shares at $0.20 per share. The shares are subject to a hold period that expires on August 1, 2014. A finder fee of 8% of the funds raised is payable in cash.
The Company is continuing its due diligence review of the proposed business of Vodis Innovative Pharmaceuticals Inc. (“VODIS”). VODIS has made an application to Health Canada to become a Licensed Producer under the Marihuana for Medical Purposes Regulation (“MMPR”) and intends to acquire all of the operating assets of 934145 BC Ltd. (“BC Ltd”) which is currently in production under the previous Health Canada regulations.
Southbridge has loaned an initial $250,000 to VODIS as it continues the application process. Southbridge has the right to acquire the business of VODIS, subject to the successful outcome of
the review and will begin the preparation of formal documentation to complete the acquisition of VODIS and the assets of BC Ltd.
On Behalf of the Board of Directors,
Southbridge Resources Corp.
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