PreveCeutical plans private placement to raise up to $600,000

PreveCeutical Medical Inc. (CSE: PREV) (OTCQB: PRVCF) (FSE: 18H0) announced a non-brokered private placement of up to 20,000,000 units at $0.03 per unit, seeking gross proceeds of up to $600,000.

Each unit consists of one common share and one-half of one share purchase warrant. Each whole warrant allows the holder to purchase one additional share at $0.06 per share for two years from closing. The warrants may expire early if the closing price of the company's common shares on the Canadian Securities Exchange reaches $0.11 or higher for at least 10 consecutive trading days and a notice of acceleration is issued.

According to the press release, the company intends to use the proceeds for short loan repayments, audit, accounting and legal fees, patents, further studies and analysis of rodents and tissues, and general working capital.

All securities issued will be subject to a statutory hold period expiring four months and one day after closing. The offering remains subject to conditions including confirmation of no objection from the CSE. Finder's fees may be paid in connection with the offering.

The securities will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States without registration or an applicable exemption.

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