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HydRx Farms Ltd. (d/b/a Scientus Pharma Inc.) Announces Completion of its $15.8 Million Private Placement Offering of Common Shares
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.
TORONTO, Feb. 16, 2018 (GLOBE NEWSWIRE) -- Scientus Pharma Inc. (“Scientus” or the “Company”) is pleased to announce that it has completed a private placement offering of common shares of the Company (the “Common Shares”) at a price per Common Share of $4.00 for aggregate gross proceeds of approximately $15.8 million (the “Offering”).
The Company intends to use the net proceeds of the Offering for working capital and general corporate purposes.
GMP Securities L.P. was engaged to act as sole agent in connection with the Offering, which was conducted on a fully-marketed “best efforts” agency basis.
The Common Shares issued pursuant to the Offering will not be listed and will not be posted for trading on any stock exchange or quotation system.
About Scientus Pharma Inc.
Scientus Pharma Inc. is a vertically-integrated biopharmaceutical Licensed Dealer under the Narcotics Control Regulations of Canada who conducts fundamental research on cannabinoids (genetic, bio molecular, etc.) with a focus on developing and commercializing pharmaceutical-grade cannabinoid derivative products. Being one of a limited number of Licensed Dealers in Canada authorized to handle and conduct cannabinoid products, Scientus Pharma has the ability to wholesale, buy, process and sell cannabinoid derivatives, from and to Licensed Producers, as well as international markets. Scientus is also a Licensed Producer (Cultivation) under the Access to Cannabis for Medical Purposes Regulations (ACMPR).
This new release includes forward-looking statements regarding the Company and its business. Such statements are based on the current expectations and views of future events of the Company’s management. In some cases the forward-looking statements can be identified by words or phrases such as “may”, “will”, “expect”, “plan”, “anticipate”, “intend”, “potential”, “estimate”, “believe” or the negative of these terms, or other similar expressions intended to identify forward-looking statements. Forward-looking statements in this press release include the Company’s expected use of proceeds from the Offering. No forward-looking statement can be guaranteed. In addition, certain information set forth in this news release may contain forward-looking information that involves substantial known and unknown risks and uncertainties. This forward-looking information is subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to, the impact of general economic conditions, industry conditions, and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward looking information or statements. Except as required by applicable securities laws, forward-looking statements or information speak only as of the date on which they are made and the Company does not undertake any obligation to publicly update or revise any forward-looking statement or information, whether as a result of new information, future events, or otherwise.
Chairman and CEO
Kilmer Lucas Inc.