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Replies to post #271 on Avricore Health Inc (AVCRF)
Vanc Pharmaceuticals 5,327,335-share private placement
2018-07-31 16:47 ET - Private Placement
The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced July 11, 2018.
Number of shares: 5,327,335 shares
Purchase price: 15 cents per share
Warrants: 5,327,335 share purchase warrants to purchase 5,327,335 shares
Warrant initial exercise price: 33 cents
Warrant term to expiry: two years
Number of placees: 16 placees
Finders' fees: PI Financial Corp., $4,320 cash and 28,800 warrants; First Republic Capital Corp., $9,000 cash and 60,000 warrants
Finder's warrant initial exercise price: 33 cents
Finder's warrant term to expiry: may purchase one common share for up to two years from closing at 33 cents per common share
Note that in certain circumstances the exchange may later extend the expiry date of the warrants if they are less than the maximum permitted term.
July 30, 2018
Item 3 News Release
The news release was disseminated on July 30, 2018 by way of the facilities of Stockwatch. Copies were also filed on SEDAR with the British Columbia Securities Commission and the Alberta Securities Commission.
Item 4 Summary of Material Change
Item 5 Full Description of Material Change
5.1 Full Description of Material Change
The Company announced that further to its news release dated July 11, 2018, it has closed a non-brokered private placement of 5,327,335 units (“Units”) of the Company at a price of $0.15 per Unit for gross proceeds of approximately CDN$799,100 (the “Offering”).
Each Unit consists of one (1) common share of the Company (a “Common Share”) and one (1) share purchase warrant (a “Warrant”). Each Warrant entitles the holder thereof to purchase one Common Share for a period of two (2) years following the closing date at a price of $0.33 per Common Share.
The securities issued pursuant to the Offering are subject to a four (4) month hold period, which will expire on December 1st, 2018.
The Company paid aggregate finder’s fees of CDN$13,320 (6% on $222,000) and issued 88,800 finder’s warrants (6% on 1,480,000 Units). Each finder’s warrant entitles the finder to purchase one (1) Common Share for a period of two (2) years following the closing date at a price of $0.33 per Common Share.
Proceeds from the Offering are planned to be used by VANC for corporate overhead and working capital.
Completion of the Offering is subject to all required regulatory approvals, including final acceptance by the TSX Venture Exchange.
