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
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.
SOURCE Advitech Inc.
For further information:
Michael Stangel, President and CEO