Rodger Seccombe, CEO of Avricore stated, "This financing provides the Company with the capital strength for its UK expansion. We appreciate the commitment from our investors as we prepare to execute on our growth strategy."
Each Unit consists of one common share and one-half transferrable share purchase warrant. Each warrant will entitle the holder thereof to purchase one additional common share for a period of 2 years from the closing date of the offering at a price of $0.10 per common share. The Company will pay finders fees totaling $54,600 and issue 1,092,000 non-transferable finders warrants to Canaccord Genuity Corp. an arm's length finder. The finders warrants are exercisable at $0.05 for 2 years from the closing date.
Closing of the Private Placement is subject to final acceptance by the TSX Venture Exchange. All securities issued in connection with the Private Placement will be subject to a four-month hold period from the closing date under applicable Canadian securities laws. Placement proceeds will be used for general working capital purposes.
Insiders participated in the aggregate amount of $200,000 for 4,000,000 units. Certain directors and officers have participated in the Private Placement. Such participation is considered a related party transaction within the meaning of Multilateral Instrument 61-101, Protection ...
