VANCOUVER, British Columbia, Jan. 12, 2017 (GLOBE NEWSWIRE) -- PreveCeutical Medical Inc. ("PreveCeutical", or the "Company"), a health and wellness company focused on utilizing nature and science for the benefit of health conscious consumers, announces it has closed a debt financing, a revolving convertible line of credit, for $1,000,000 CAD from non-arms' length parties (the “Loan”), Stephen and Kimberly Van Deventer who are current Directors of the Company (the “Lenders”). Proceeds from the financing shall be used for product and market development, and for general corporate purposes.
In consideration for the Loan, the Company has agreed to pay simple interest of 5.0% per annum, and the loan can be paid off at any time with no penalty to the Company. Additionally, at the discretion of the Lenders, the outstanding balance of the Loan and interest is convertible to common shares at a deemed price of $0.50 CAD per share.
About PreveCeutical
For more information about PreveCeutical, please visit www.preveceutical.com, follow us on Twitter: https://twitter.com/preveceuticals, or on Facebook: www.facebook.com/Preveceutical
On Behalf of the Board,
"Stephen Van Deventer"
Chairman & CEO
This news release may contain forward-looking statements, including without limitation, future operations of PreveCeutical Medical Inc. (the "Company"). Forward-looking statements address future events and conditions and therefore involve inherent risks, uncertainties and assumptions. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “will”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. Actual results may differ materially from those currently anticipated in such statements and the Company undertakes no obligation to update such statements, except as required by law. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks. In particular, there is no guarantee that the Blue Scorpion Venom will effectively treat or cure cancer or other diseases. Accordingly actual results may differ materially from those currently anticipated in such statements.
The Company has made numerous assumptions regarding, among other things: the effectiveness of its products; the demand for its products and the stability of economic and market conditions. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including: that the Company may lose or abandon or may fail to receive necessary licenses and permits; labour disputes; the Company may not receive the necessary regulatory approvals for its products; the increase in cost estimates and the potential for unexpected costs and expenses; general economic and market conditions may worsen; market shifts may require a change in strategic focus; the Company may not be able to raise additional funds when necessary; litigation; and competition. Factors that could cause actual results to differ materially from those in forward looking statements include continued availability of capital and financing and general economic, market or business conditions, consumer sentiment towards the Company’s products, competition, the failure of counterparties to perform their contractual obligations, and fees charged by service providers.
All forward-looking statements concerning the Company's future plans and operations, including management's assessment of the Company's operational expectations or beliefs may be subject to certain assumptions, risks and uncertainties beyond the Company's control. Investors are cautioned that any such statements are not guarantees of future performance and that actual performance and financial results may differ materially from any estimates or projections. Accordingly, readers should not place undue reliance on forward-looking statements and information, which are qualified in their entirety by this cautionary statement. There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward looking information, will prove to be accurate.