Neptune Technologies & Bioressources Inc. ("Neptune") (NASDAQ.NEPT - TSX.V.NTB) announced that it has received commitments to purchase securities from US and Canadian accredited investors for total proceeds of approximately $10,000,000 USD.
US institutional investors have committed, subject to customary conditions, to purchase 2,622,222 common shares at $2.25 USD per share and warrants to purchase 655,555 additional common shares. The warrants to purchase additional shares will be exercisable at a price of $2.75 USD per share for 18 months commencing one day following their issue date. Canadian institutional investors have committed, subject to customary conditions, to purchase 1,830,275 common shares at $2.15 CAD per share and warrants to purchase 457,569 additional shares. The warrants to purchase additional shares will be exercisable at a price of $2.65 CAD per share for 18 months commencing one day following their issue date.
The net proceeds of the private placement are expected to be approximately $9,500,000 USD and will be used for general corporate purposes.
The offering is subject to the TSX Venture Exchange approvals.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities. The securities offered and sold in the private placement have not been registered under the Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States absent registration, or an applicable exemption from registration under the Securities Act and applicable state securities laws.
About Neptune Technologies & Bioressources Inc.
Neptune is an industry-recognized leader in the innovation, production and formulation of science-based and clinically proven novel phospholipids products for the nutraceutical and pharmaceutical markets. The Company focuses on growing consumer health markets including cardiovascular, inflammatory and neurological diseases driven by consumers taking a more proactive approach to managing health and preventing disease. The Company sponsors clinical trials aimed to demonstrate its product health benefits and to obtain regulatory approval for label health claims. Neptune is continuously expanding its intellectual property portfolio as well as clinical studies and regulatory approvals. Neptune's products are marketed and distributed in over 20 countries worldwide.
About Acasti Pharma Inc.
Acasti Pharma (TSXV: APO) is developing a product portfolio of proprietary novel long-chain omega-3 phospholipids. Phospholipids are the major component of cell membranes and are essential for all vital cell processes. They are one of the principal constituents of High Density Lipoprotein (good cholesterol) and, as such, play an important role in modulating cholesterol efflux. Acasti Pharma's proprietary novel phospholipids carry and functionalize the polyunsaturated omega-3 fatty acids EPA and DHA, which have been shown to have substantial health benefits and which are stabilized by potent antioxidants. Acasti Pharma is focusing initially on treatments for chronic cardiovascular conditions within the over-the-counter, medical food and prescription drug markets. Acasti is in the process of listing its common shares on the TSX Venture Exchange.
About NeuroBioPharm Inc.
NeuroBioPharm is pursuing pharmaceutical neurological applications, and a clinical study for a medical food product with a multinational partner is already initiated. The development of a prescription drug candidate is currently in progress. Advanced clinical development and commercialization is planned to be carried out with multinational partners.