VANCOUVER, April 8, 2019 /CNW/ - Pivot Pharmaceuticals Inc. (CSE: PVOT / OTCQB: PVOTF / FRA: NPAT) ("Pivot" or the "Company") is pleased to announce that it has closed a non-brokered Private Placement (the "Private Placement") for a total of C$590,000. Proceeds of the Private Placement will be used for general working capital purposes.
The Company issued 2,950,000 units ("Units") at a price of C$0.20 per Unit for gross proceeds of C$590,000. Each Unit consists of one common share ("Common Share") and one common share purchase warrant ("Warrant"). Each Warrant is exercisable for one Common Share for a period of three years from the date of issuance at an exercise price of C$0.30. The Common Shares and Warrants will be subject to resale restrictions for a period of four months and one day from the date of issuance.
In connection with the closing of the Private Placement, the Company will pay cash commission of $16,000 and issue 188,000 agent shares and 108,000 agent warrants.
The Company has issued 1,726,037 common shares on March 23, 2019 for settlement of accounts payables to officers, directors and a consultant and to a third party for services rendered. In addition, on April 8, 2019, the Company issued 71,194 common shares as a fee for extending the date of final payment on the Ready-to-Infuse patents from February 28, 2019 to May 31, 2019.
About Pivot Pharmaceuticals Inc.
Pivot Pharmaceuticals Inc. is a biopharmaceutical company engaged in the development and commercialization of therapeutic pharmaceuticals and nutraceuticals using innovative drug delivery platform technologies. Pivot's wholly-owned medical cannabis products division, Pivot Green Stream Health Solutions Inc. ("PGS" or "Pivot Green Stream"), conducts research, development and commercialization of cannabinoid-based nutraceuticals and pharmaceuticals. Pivot's wholly-owned U.S. subsidiary, Pivot Naturals, LLC, based in Costa Mesa, California, will manufacture and supply finished powderized cannabis products such as food additives, capsules, bulk powder and stick packs to the California market. PGS has acquired "RTIC" Ready-To-Infuse Cannabis oil-to-powder technology and Thrudermic Transdermal Nanotechnology (transdermal); acquired worldwide rights to BiPhasix™ Dermal Drug Delivery platform technology (topical), Solmic Solubilisation technology (oral), and Solumer™ Oral Drug Delivery technology; and an option to acquire worldwide rights to TriVair™ Nasal and Pulmonary Breath-Propelled Drug Delivery Systems™ for the delivery and commercialization of cannabinoid, cannabidiol (CBD), and tetrahydrocannabinol (THC)-based products. For more information please visit pivotpharma.com
Cautionary Note Regarding Forward-Looking Statements:
Except for historical information contained herein, the matters set forth above may be forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ from those in the forward-looking statements. Words such as anticipate, believe, estimate, expect, intend, and similar expressions, as they relate to Pivot Pharmaceuticals Inc., Pivot Green Stream Health Solutions Inc., Pivot Naturals, LLC, or its management, identify forward-looking statements. Such forward-looking statements are based on the current beliefs of management, as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, such as the failure to meet the conditions imposed by the CSE or other securities regulators, the level of business and consumer spending, the amount of sales of Pivot's products, statements with respect to internal expectations, the competitive environment within the industry, the ability of Pivot to continue to expand its operations, the level of costs incurred in connection with Pivot's expansion efforts, economic conditions in the industry, and the financial strength of Pivot's customers and suppliers. Pivot does not undertake any obligation to update such forward-looking statements. Investors are also directed to consider all other risks and uncertainties.
SOURCE Pivot Pharmaceuticals Inc.
For further information: Pivot Pharmaceuticals Inc., Patrick Frankham, PhD, MBA, Chief Executive Officer, Email: [email protected]; Virtus Advisory Group, Shareholder Inquiries, Email: [email protected], Phone: 416-644-5081