2015-09-16 0500 PT - News Release
VP Close 2015-09-15 C$ 0.15
Mr. Otto Folprecht reports
VODIS PHARMACEUTICALS INC. CLOSES NON-BROKERED PRIVATE PLACEMENT
September 16, 2015 - Vancouver, British Columbia – Vodis Pharmaceuticals Inc. (the “Company” or “Vodis”) (CSE: VP / FSE: 1JV) announces the closing of the previously announced non-brokered private placement. The private placement was oversubscribed by 969,200 units (the “Units”) for a total of 3,469,200 units at the subscription price of $0.10 per Unit for gross proceeds of $346,920 (the “Offering”).
Each Unit consists of one common share of the Company and one common share purchase warrant (“Warrant”). Each Warrant will entitle the holder to purchase one additional common share at a price of $0.15 until September 15, 2017. If at any time after January 16, 2016, the Company’s shares have traded for 10 consecutive trading days above $1.00, Vodis may give an expiry acceleration notice to the holders of Warrants and, if it does so, the Warrants will, unless exercised, expire on the 30th day after the expiry acceleration notice is given.
Otto Folprecht CEO and Director commented; “The fact that the Offering was quickly filled and oversubscribed is a strong indication that the Vodis business model of bringing a state of the art turn-key production facility is in line with our investors’ expectations”.
The proceeds of the private placement will be used for expansion into Washington State, USA and general working capital purposes.
About Vodis Pharmaceutics Inc.
Vodis is one of North Americas foremost brand names in the medical and recreational marijuana business with operations in both the US and Canada. Its master grow teams have consistently won or placed at each competition they have entered with their “VIP” brand. The Company, with facilities in BC and Washington State, is also actively looking into expansion opportunities in other countries and US states.
For further information please contact:
Head of Corporate Communications
Vodis Pharmaceuticals Inc.
8788 River Road
Delta, BC V4G 1B5
Direct: 1-866-210-1420 ext. 110
While Vodis and its subsidiaries cannot have any interest whatsoever in any proceeds as a result of production, processing or retail activities in the United States, it can license its brand, production and consulting services to approved Washington State license holders to ensure that all products produced under the Vodis Pharmaceuticals program and/or associated under the VIP brand meet or exceed the Vodis brand quality standards.
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.
Certain information contained herein may constitute “forward-looking information” under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “expects” or “it is expected”, or variations of such words and phrases or statements that certain actions, events or results “will” occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including: the use of proceeds of the Offering, the receipt of all necessary regulatory approvals. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that is incorporated by reference herein, except as required by applicable securities laws.
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