PharmaCyte Biotech Inc (PMCB)

[Mens et Manus]

It would be beneficial if the company would provide updates to its shareholders on what is going on with the Veridis subsidiary. The company has made a significant upfront investment and represents a significant future opportunity. If nothing major is happening then we should of used the money somewhere else. JMO


Cannabis Licensing Agreement

Under the Cannabis Licensing Agreement, the Company is required to pay Austrianova an “Upfront Payment” of $2,000,000. The Company has the right to make periodic monthly partial payments of the Upfront Payment in amounts to be agreed upon between the parties prior to each such payment being made. Pursuant to a First Amendment to Licensing Agreement, the Upfront Payment due date was extended to December 31, 2015. Pursuant to a Second Amendment to Licensing Agreement, the Upfront Payment due date was extended to June 30, 2016. As of the October 31, 2015, the Company has paid Austrianova $1,400,000 of the Upfront Payment (See Notes 4 and 8).