Abattis Bioceuticals Inc. (OTC: ATTBF) (CSE: ATT), a specialty biotechnology company targeting medicinal marijuana markets in North America, recently announced plans to issue up to two million units at a price of $1.00 per unit in a private placement. Each unit will consist of one share of common stock and one 18-month share purchase warrant with an exercise price of $1.12 per share.
Proceeds from the offering will be used for acquisitions, joint venture opportunities, research and development, working capital, general corporate purposes, and in identifying opportunities to expand the Phytalab.com brand and to setup or acquire labs in states where marijuana is legalized to ensure safety, efficacy, and dosing of marijuana products that follows A.H.P. guidelines.
“We are pleased with the progress Phytalab.com has made in preparation of its soft launch on May 15th in Washington state,” said President and CEO Mike Withrow. “Phytalab is a complimentary business to its Canadian counterpart, Northern Vine Canada Inc. … A portion of these funds will also be used to further Abattis’ patent pending IP described as nutritional supplements that increase nitric oxide levels.”
Before the private placement was announced, Mr. Withrow presented at the 420 Investor dinner on April 17, 2014 in New York City. GreenSkyTV.com provided video coverage of the event that’s available on YouTube.
Abattis Bioceuticals provides mass cultivation systems, extraction equipment/technology, and strategic marketing support to licensed growers. Following strict standard operating protocols and adhering it local laws, the company also has an extensive pipeline of high-quality products and intellectual property for the rapidly expanding botanical drug market.
For more information, visit the company’s website at www.abattis.com.
Share of Abattis Bioceuticals moved 5% higher in early trading on Thursday, but are trading up more than 1,100% over the past three months.
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