Mr. Patrick Frankham reports
PIVOT COMPLETES C$590,000 NON-BROKERED PRIVATE PLACEMENT
Pivot Pharmaceuticals Inc. has closed a non-brokered private placement for a total of $590,000. Proceeds of the private placement will be used for general working capital purposes.
The company issued 2.95 million units at a price of 20 cents per unit for gross proceeds of $590,000. Each unit consists of one common share and one common share purchase warrant. Each warrant is exercisable for one common share for a period of three years from the date of issuance at an exercise price of 30 cents. The common shares and warrants will be subject to resale restrictions for a period of four months and one day from the date of issuance.
In connection with the closing of the private placement, the company will pay cash commission of $16,000 and issue 188,000 agent shares and 108,000 agent warrants.
The company issued 1,726,037 common shares on March 23, 2019, for settlement of accounts payables to officers, directors and a consultant, and to a third party for services rendered. In addition, on April 8, 2019, the company issued 71,194 common shares as a fee for extending the date of final payment on the ready-to-infuse patents from Feb. 28, 2019, to May 31, 2019.
About Pivot Pharmaceuticals Inc.
Pivot Pharmaceuticals is a biopharmaceutical company engaged in the development and commercialization of therapeutic pharmaceuticals and nutraceuticals using innovative drug delivery platform technologies.
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