VANCOUVER, Dec. 21, 2017 /CNW/ - Santé Veritas Therapeutics Inc. ("Santé Veritas", "SVT" or the "Company") is pleased to announce that it has closed a private placement of common shares of the Company ("Common Shares"), led by Canaccord Genuity Corp. and PowerOne Capital Markets Limited, together with Gravitas Securities Inc. (the "Agents").
The Company issued an aggregate of 53,375,689 Common Shares at C$0.30 per share for gross proceeds of C$16,012,707. The Company intends to use the net proceeds of the Offering to fund Phase 1 and Phase 2a of the Powell River facility and for general corporate purposes. Following the closing of the offering, the Company will have 243,978,923 Common Shares outstanding.
About Santé Veritas Therapeutics Inc.
Santé Veritas is an emerging North American cannabis platform company with the goal of becoming a leading integrated producer and marketer of innovative, branded cannabis products and therapies. SVT is committed to becoming a licensed producer under Canada's Access to Cannabis for Medical Purposes Regulations (the "ACMPR"). SVT has applied for a licence to cultivate and sell medical marihuana pursuant to the ACMPR and, has received a Confirmation of Readiness for a Licence under the ACMPR from Health Canada in order to proceed with conversion of the vacant Catalyst Paper office building into a cannabis cultivation facility. SVT is now in the process of building out its first facility in Powell River, B.C., for final inspection and approval.
Statements in this news release that are forward-looking statements are subject to various risks and uncertainties. Forward-looking statements may include, without limitation, statements including the anticipated use of proceeds and other statements of fact. Other risks and uncertainties include, but not limited to: dependence on obtaining regulatory approvals; change in laws; limited operating history; reliance on management; requirements for additional financing; competition; slow market growth and legal adoption due to inconsistent public opinion and perception of the medical-use and adult-use cannabis industry and; regulatory or political change.
There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. As a result of these risks and uncertainties, the results or events predicted in these forward-looking statements may differ materially from actual results or events.
Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this release. SVT disclaims any intention or obligation to update or revise such information, except as required by applicable law, and SVT does not assume any liability for disclosure relating to any other company mentioned herein.
SOURCE Santé Veritas Therapeutics Inc.