Tauriga Sciences Inc. Completes $800,000 USD Equity Private Placement Priced at 6 Cents per Share
6:22a ET March 31, 2014 (GlobeNewswire) Print
Tauriga Sciences Inc. (OTCQB:TAUG) or ("Tauriga" or "the Company"), a diversified life sciences company with key assets that include active license agreements, interests in a topical medicinal cannabis company, and a proprietary microbial fuel cell technology, has today announced the completion of a $800,000 USD equity private placement at a price of 6 cents per share ("$0.06") to various accredited investors. There were no warrants or registration rights offered in conjunction with this private placement financing. The shares issued pursuant to this private placement are "restricted securities" as defined by Rule 144 of the Securities Act of 1933, as amended.
The proceeds from this financing will be used for working capital purposes and the commercialization efforts of Pilus Energy's microbial fuel technology platform. The Company does not anticipate that these proceeds will be needed for the closing of its pending acquisition of Honeywood LLC ("Honeywood").
Tauriga's CEO, Dr. Stella M. Sung, stated "Tauriga is pleased to have completed this important private placement during this truly exciting period for the Company. We have previously entered into a separate definitive share purchase agreement for $1,000,000 USD to complete the pending Honeywood acquisition, the closing of which is based on certain previously disclosed conditions. Therefore we believe these funds will enable us to accelerate both the commercialization efforts of Pilus Energy and the development of the NuclearBot technology, specifically designed for the nuclear industry."
The Company will file a Form 8K within the next few business days to fully disclose the specifics of this private placement.
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