TORONTO, Oct. 19, 2018 (GLOBE NEWSWIRE) -- ALGAE DYNAMICS CORP (OTC: “ADYNF”) (the "Company"), a company focused on the development of unique health products and nutraceuticals utilizing cannabis and botanical oil extracts, is pleased to announce that it has raised an additional CDN$527,000 pursuant to the closing of a second tranche of a private placement of units at a price of CDN$.40 per unit. This follows the company’s press release on August 3, 2018 when it announced funding of CDN$520,000 comprised of CDN$100,000 in convertible debentures and a further CDN$420,000 in units on the same terms, resulting in an aggregate of 2,367,792 units being issued and funding of approximately $1,047,000 in the aggregate. Each unit consists of one share of Common Stock and one-half of one warrant, with each whole warrant exercisable to acquire an additional share of Common Stock at a price of CDN$0.75 per share until [September 30, 2020].
The Company intends to use the funds to further support Dr. Steven Laviolette and his team at Western University and Dr. Jonathan Blay at The University of Waterloo (as announced previously).
Funds will also be allocated for patent applications, supporting development activities with our Licensed Partners, general administrative expenses and compliance.
The researchers at Western University, the Company’s scientific collaboration team, have ongoing research projects that are identifying safer and clinically superior cannabinoid formulations aimed at treating the symptoms of various psychiatric disorders, while eliminating the negative side effects associated with traditional marijuana formats.
Paul Ramsay stated, “This additional funding will accelerate our University partners’ research, development and inventions of Cannabis based formulations for patients with mental health conditions and various types of cancers. We are obtaining great results from our formulations and will continue collaboration with our licensed partners to get our medicinal products to patients in need”.
About Dr. Steven Laviolette
The investigator leading the research is Dr. Steven Laviolette, a Professor and Neuroscientist in the Schulich School of Medicine & Dentistry at Western University in London, Ontario. Dr. Laviolette is a leader in the study of cannabinoids in mental health and was recently awarded “Faculty Scholar” status at Western University. Dr. Laviolette’s research team has previously made numerous fundamental discoveries related to how cannabinoids impact and may serve as treatments for mental health disorders including schizophrenia, depression, post-traumatic stress disorder and anxiety. Dr. Laviolette’s primary research focus is in characterizing how specific phytochemical derivatives of cannabis may interact with specific brain pathways and molecular mechanisms whereby they may improve symptoms associated with various mental health disorders. Research from Dr. Laviolette’s team has been published in the top neuroscience and psychiatry journals in the world. His full profile may be seen on Western University’s, website www.uwo.ca
http://www.schulich.uwo.ca/anatomy/people/bios/faculty/laviolette_steve.html
About Algae Dynamics Corp (ADC)
ADC is engaged in the development of unique health products and nutraceuticals that utilize hemp, cannabis and algae oils. We have engaged two Canadian universities to provide research into the use of extracts from cannabis oil, which we plan to use to develop products that combine the significant health benefits of Omega-3s derived from algae oil and extracts from cannabis oil. Our research is focused on the use of cannabis oil in the context of cancer, and the use of cannabis derivatives for the development of novel pharmacotherapies for mental health.
For more information, visit http://www.algaedynamics.com
FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking statements" as that term is defined in Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, use of proceeds and the development, costs and results of current or future actions and opportunities in the sector. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with development stage companies, our ability to raise the additional funding we will need to continue to develop our research initiatives and products, and our ability to retain important members of our management team and attract other qualified personnel. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate.
Investors should consult all the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.