Pivot Pharmaceuticals (CSE: PVOT) (OTCQB: PVOTF) this morning announced the closing of its private placement of convertible debentures for gross proceeds totaling C$5 million. The company issued a total of C$5 million of 10% senior secured convertible debentures which will mature 12 months after the date of their issuance and will be convertible at the option of the holder for a period of 12 months into common shares of the company at a conversion price of C$1.74 per common share, subject to adjustment of the conversion price in certain events. Additionally, Origin Merchant Securities Inc. received a finder’s fee of C$300,000 and 172,413 non-transferable compensation warrants. All securities issued in connection with the offering are subject to a four month hold period. Pivot plans to use the net proceeds toward the development of its pipeline of products, intellectual property acquisitions, and for working capital and general corporate purposes.
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About Pivot Pharmaceuticals Inc.
Pivot Pharmaceuticals Inc. (OTCQB: PVOTF), based in Vancouver, Canada, is an emerging biopharmaceutical company engaged in the development and commercialization of pharmaceuticals and nutraceuticals that provide novel treatments for unmet healthcare needs. Pivot Pharmaceutical’s subsidiary, Pivot Green Stream Health Solutions Inc., will focus on improving the bioavailability of cannabinoid-based pharmaceuticals. Pivot Green Stream is tasked with developing several natural health products containing cannabinoids that can receive a Health Canada Natural Health Product designation. For more information, visit www.PivotPharma.com.
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