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Valeo Pharma Completes Private Placement


News provided by

Valeo Pharma inc.

Feb 19, 2019, 17:13 ET

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MONTREAL, Feb. 19, 2019 /CNW Telbec/ - Valeo Pharma Inc. (CSE: VPH) ("Valeo Pharma" or the "Corporation") a Canadian specialty pharmaceutical company, is pleased to announce that the Corporation has closed the final tranche of its previously announced non-brokered private placement of convertible debentures (the "Offering"). Total gross proceeds raised under all tranches of this Offering was $1,400,000.

In accordance with the terms of the Offering, all convertible debentures were automatically converted into Class "A" shares ("Shares") of the Corporation at an exercise price of $0.40 per Share upon final approval for listing of the Shares by the Canadian Securities Exchange ("CSE").

Certain insiders of the Corporation have participated in the Offering for aggregate gross proceeds of $750,000. The Offering therefore constitutes a "related-party transaction" to the extent of such insiders' participation within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Corporation relied on exemptions from the formal valuation and minority security holder approval requirements of the related-party rules set out in sections 5.5(a) and 5.7(a) of MI 61-101 as the fair market value of the insiders' participation in the Offering does not exceed 25% of the market capitalization of the Corporation as determined in good faith by the Board of Directors of the Corporation. The Corporation did not file a material change report more than 21 days before the closing of the Offering as the details of the Offering and the participation therein by each "related party" of the Corporation were not settled until shortly prior to the closing of the Offering, and the Corporation wished to close the Offering on an expedited basis for sound business reasons.

About Valeo Pharma

Valeo Pharma is a specialty pharmaceutical company dedicated to the commercialization of innovative prescription products in Canada. With a focus on neurodegenerative diseases, woman's health and oncology, Valeo Pharma has a growing portfolio of innovative products and the proper infrastructure to manage these products through all stages of commercialization.  Headquartered in Kirkland, Quebec, Valeo Pharma has all internal capabilities to register and market health care solutions for Canadian patients. For more information, please visit www.valeopharma.com

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

SOURCE Valeo Pharma inc.

Steve Saviuk - President and CEO, (514) 693-8830, [email protected]; Luc Mainville, Sr Vice-President and CFO, (514) 693-8854, [email protected]

Related Links

http://www.valeopharma.com

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Valeo Pharma inc.

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