from the company website....
Jan 16, 2014
Abattis Announces $600,000 Private Placement, Placement On The Marijuana Indextm, Shares For Debt Settlements And Grant Of Options
Vancouver, BC - January 16, 2014 - Abattis Bioceuticals Corp. (the "Company" or "Abattis") (OTC PINK: ATTBF) (CSE: FLU), announces a non-brokered private placement of up to 12,000,000 units of the Company (the "Units") at a price of $0.05/Unit for gross proceeds of up to $600,000. Each Unit will be comprised of one common share and one-half of one share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share for a period of one year at a price of $0.10/share. The securities, when issued, will be subject to a 4 month hold period. A finder's fee will be paid to eligible finders in relation to this financing in accordance with regulatory policies. The proceeds will be used for general working capital purposes.
The Company is also pleased to advise that it has been added to The Marijuana IndexTM. The Index's website, mmj-index.com, states: "The Marijuana IndexTM (AKA "The Medical Marijuana IndexTM" or "The Cannabis Index") is the first and only registered equity tracking index which monitors the performance, news and general pulse of qualified marijuana stocks or cannabis stocks. Weighted by market-cap (as determined by common shares outstanding multiplied by last trade price), the index provides existing or prospective investors with a narrow and centralized view of these pioneering securities which are positioned in a multi-billion dollar growth industry".
The Company has negotiated debt settlement arrangements with two officers of the Company in relation to an aggregate of $106,250 debt owed to them. Under the terms of the agreements, the Company proposes to issue an aggregate of 2,125,000 shares at a deemed price of $0.05/ share. The securities, when issued, will be subject to a 4 month hold period.
The Company advises that 250,000 stock options have been granted to an officer of the Company. These options are exercisable at a price of $0.10/share for 5 years.
The Company also clarifies that it completed the shares for debt transaction originally announced November 28, 2013.
Mike Withrow, CEO stated, "We have come one step closer to achieving another key milestone in the company's plan to become federally licensed under the MMPR . This will crystallise our efforts to complete our international strategy and be instrumental in delivering safe efficacious medicines and products that work."
