ADVITECH ANNOUNCES BRIDGE FINANCING
TSX VENTURE EXCHANGE: AVI
QUEBEC CITY, April 26 /CNW/ - Advitech Inc. ("Advitech" or the "Corporation") (TSXV: AVI) is pleased to announce it has completed a bridge financing (the "Bridge Financing") for an aggregate amount of $400,000 with AgeChem Venture Fund L.P. ("AgeChem") and Avrio Ventures Limited Partnership ("Avrio") which respectively hold 45,474,346 and 30,854,167 common shares in the capital of Advitech representing respectively 44% and 30% of the total number of issued and outstanding common shares of the Corporation.
Avrio and AgeChem each provided a loan in the principal amount of $200,000 to Advitech as part of the Bridge Financing (the "Loans"). The Loans are repayable on the earlier of (i) December 31, 2011; or (ii) thirty (30) days following the closing of the proposed transaction between the Corporation and Natunola Health Biosciences Inc. previously announced on April 8, 2011. The principal amount of the Loans will bear interest at a rate of 12% per annum, compounded annually.
The net proceeds derived from the Bridge Financing will be used by Advitech for working capital and general corporate purposes.
Advitech, which includes its subsidiary Botaneco Specialty Ingredients Inc. since November 20, 2009, is a health sciences and technology company developing, manufacturing and marketing proprietary natural ingredients and formulations for oral and topical applications that have been clinically proven to be safe and effective for improving skin health and well being. More information is available at www.advitech.com.
This press release contains forward-looking statements, which reflect the Corporation's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual results could differ materially from those projected herein.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.For further information:
Michael Stangel, President and CEO