VANCOUVER, British Columbia, March 29, 2018 (GLOBE NEWSWIRE) -- Veritas Pharma Inc. (CSE:VRT) (OTC:VRTHF) (Frankfurt:2VP) (“Veritas” or the “Company”) is pleased to announces the closing of a private placement of units. Under the terms of the Private Placement Offering, the Company will be issuing 3,000,000 Units. Under the terms of the placement, each unit consists of one common share and one share purchase warrant for $0.50 per share. The Company has received $1,500,000. Each share purchase warrant will entitle the holder to acquire an additional share for $0.70 for 36 months following the Closing Date. The Company can reduce the exercise period in the event that the trading price of the Shares is $1.50 or more for a period of ten consecutive days. Proceeds from this private placement will used to advance the human trials, and for working capital purposes.
Veritas’ CEO, Dr. Lui Franciosi, stated: “The closing of the private moves the Company forward as we will fully be financed to execute on our plans on the continuation of human trials and to keep an eye on the market for additional acquisition opportunities. We will also be in a position for next steps with Health Canada on the Company’s ACMPR licensing process.”
About Veritas Pharma Inc.
Veritas Pharma Inc. is an emerging pharmaceutical and IP development company, who, through its 100% owned subsidiary Cannevert Therapeutics Ltd. ("CTL"), is advancing the science behind medical cannabis. It is the Company’s aim, through its investment in CTL, to develop the most effective cannabis strains (cultivars) specific to pain, nausea, epilepsy and PTSD, solving the critical need for clinical data to support medical marijuana claims. CTL’s unique value proposition uses a low-cost research and development model to help drive shareholder value, and speed-to-market. Veritas investment in CTL is led by strong management team, bringing together veteran academic pharmacologists, anesthetists & chemists. The company's commercial mission is to patent protect IP (cultivars & strains) and sell or license to cancer clinics, insurance industry and pharma, targeting multi-billion dollar global markets.
Veritas Pharma Inc. is a publicly traded company which trades in three countries including Canada, on the Canadian Stock Exchange under the ticker VRT; in the United States, on the OTC under the ticker VRTHF; and in Germany, on the Frankfurt exchange under the ticker 2VP.
For more information, please visit our website: veritaspharmainc.com
On behalf of the Board of Directors
"Dr. Lui Franciosi"
Dr. Lui Franciosi
President and Chief Executive Officer
Further information about the Company is available on our website at www.veritaspharmainc.com or under our profile on SEDAR at www.sedar.com and on the CSE website at www.thecse.com.
Investor and Public Relations Contact
Veritas Pharma Inc.
Sam Eskandari
Telephone: +1.416.918.6785
Email: ir@veritaspharmainc.com
Website: www.veritaspharmainc.com
The CSE has not reviewed, nor approved or disapproved the content of this press release.