Mr. Stephen Van Deventer reports

CARRARA ANNOUNCES PRIVATE PLACEMENT FINANCING AND INVESTOR PRESENTATION WITH PREVECEUTICAL MEDICAL INC.

Carrara Exploration Corp. has arranged a non-brokered private placement of up to 10 million units for minimum gross proceeds of at least $1-million and maximum gross proceeds of up to $5-million. The financing is being conducted pursuant to a previously announced amalgamation agreement (see the news release of Carrara dated March 22, 2017), which provides for the acquisition of PreveCeutical Medical Inc. by Carrara by way of a three-cornered amalgamation and a reverse takeover of Carrara by PMI.

Financing

The units will be issued pursuant to applicable prospectus and registration exemptions and in Canada will have a hold period of four months and one day from the closing of the financing. Finders' fees are payable on a portion of the placement. Each unit will be offered at a price of 50 cents per unit and consist of one common share in the capital of Carrara and one transferable common share purchase warrant, which warrant will entitle the holder thereof to acquire one Carrara share at an issue price of $1 per share.

It was previously announced that each unit warrant would be exercisable for a period of 12 months from the closing of the financing. This period has now been amended and increased to 24 months from the closing of the financing, provided that, in the event that the closing price of the Carrara shares trading on the Canadian Securities Exchange is at least $1.50 or more for 10 consecutive business days, Carrara will have the option of accelerating the expiration date for the exercise of the warrants by giving at least 14 business days notice.

The proceeds of the financing will be held in escrow until the closing of the amalgamation transaction and the relisting of the Carrara shares on the CSE. Upon release, the proceeds will then be available for general corporate and working capital purposes by the resulting issuer. If the amalgamation transaction is not completed, no units will be issued, and the proceeds of the financing will be returned to the subscribers thereunder, without interest or deduction. Carrara may pay finders' fees of up to 8 per cent to any finder of the aggregate gross proceeds of the financing raised by such finder, which finders' fees shall be payable by Carrara, in its discretion, in cash, units or a combination of cash and units.

Investor presentation

In anticipation of the financing and the change of business of Carrara that will result from the completion of the amalgamation transaction, Carrara announces that it will be hosting a briefing for the investment community with PMI to provide an update on the status of PMI's business and its future plans and projects.

It is anticipated that Stephen Van Deventer (PMI's chief executive officer), Dr. Makarand Jawadekar (PMI's chief science officer) and Dr. Harendra (Harry) Parekh (PMI's team leader of research) will make presentations regarding PMI's research projects, intellectual property strategy, business goals and scientific development plans. Further details regarding the presentations will be made available prior to the event.

Presentation information:

Venue:  the Fairmont Waterfront hotel (900 Canada Place, Vancouver, B.C.), Malaspina room

Date:  Thursday, April 27, 2017

Time:  1:30 p.m. to 6 p.m.

Registration

To confirm your attendance, register on-line.

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