Avivagen Announces Closing of Private Placement and Conversion of Liabilities to Equityadmin
Ottawa, ON / ACCESSWIRE / April 11, 2014 / Avivagen Inc. (TSXV: VIV), a wellness company developing and delivering products that support and enhance the health and quality of life for animals and the people who care for them, announces the closing of its previously announced private placement.
“Avivagen believes a strong balance sheet assists with global development, marketing and distribution for our products: Business partners need to know that Avivagen can follow-through on its commitments.” stated CEO & President Cameron Groome. “Additionally, we are pleased to demonstrate a commitment by Executives and Directors on the same terms as our previous arm’s length private placement.” concluded Mr. Groome.
The private placement was first announced on February 28, 2014 and is in the amount of $172,500.16, comprised of the sale of 2,464,288 units, with each unit being comprised of one common share and one-half a common share purchase warrant, for a unit price of $0.07. Each whole warrant entitles the holder to acquire one common share of Avivagen at an additional purchase price of $0.12 for three years from closing. At the time of disclosure and pricing of the private placement, Avivagen shares were trading at a price of $0.06.
As previously disclosed, the private placement was entirely taken up by management and directors of Avivagen, namely:
– Mr. G.F. Kym Anthony – Incoming Independent Chairman and Director
– Mr. Jacques Brault – Outgoing Independent Chairman and Director
– Mr. Cameron Groome – CEO and President
– Mr. Chris Boland – CFO
– Dr. Janusz Daroszewski, Director of Product Development and Quality Assurance
Avivagen paid no commissions to agents or finders in connection with the private placement. All securities issued via this placement are subject to statutory hold period expiring four months after the transaction. The private placement remains subject to TSX Venture Exchange approval.
Avivagen has also reached agreements for the conversion of $81,713.20 of payables into equity at $0.056 per common share, which will result in the issuance of 1,459,164 common shares.
This will reduce Avivagen’s balance sheet liabilities by a total of $81,713.20.
Chris Boland, CFO of Avivagen commented “This conversion of liabilities into equity enhances the financial strength of our company and should improve our ability to achieve stated objectives. We appreciate the support of our partners in undertaking these conversions.”
The conversions referenced are effective April 11, 2014 and are subject to the necessary TSX Venture Exchange approvals.
About Avivagen Inc.
Avivagen Inc. is a publicly-listed life sciences company trading on the TSX Venture Exchange under the ticker symbol “VIV”. The Company’s goal is to develop and deliver scientifically-proven solutions that can truly benefit companion and production animals by employing natural mechanisms for maintaining good health. Avivagen’s targeted markets include Livestock Productivity and Pet Wellness.
The company has sites located in partnership facilities of the National Research Council of Canada (NRC) – in Ottawa, Ontario and Charlottetown, Prince Edward Island. More information can be found at http://www.avivagen.com/.
Avivagen’s proprietary and patent-protected technology is based on its discoveries concerning carotenoid antioxidants. The novel natural compounds discovered by Avivagen support the body’s own systems to maintain and enhance health, particularly by supporting immune function. Avivagen’s commercial-stage application of its technology is Fully-Oxidized beta-Carotene (OxC-beta). OxC-beta compounds occur naturally as carotenoid oxidation products in vegetation, but in minute amounts. They have been developed to support the health of companion animals and for use in the global food animal market.
Research and study results indicate OxC-beta supports innate immune function, which can help maintain good health. In pets, OxC-beta supports overall vitality and energy, mobility and joint function, skin, coat and gut. Results observed in food animals have included healthier growth, better utilization of feed and decreased mortality. In food animals, it is intended that use of OxC-beta avoids the feeding of antibiotics.
The commercial products of Avivagen are OxC-beta for livestock, Vivamune(TM) Health Chews and Oximunol(TM) Chewables.
About OxC-beta for Livestock
OxC-beta for Livestock is available as a 10% pre-mix sold in 1.0 or 5.0 Kg quantities for parts-per-million addition to animal feeds, in accordance with producer-developed protocols. In past studies, OxC-beta has been shown to support health and growth in species such as fish, chicken, pigs and cattle. OxC-beta for livestock is currently available for commercial sale in the Kingdom of Thailand.
About Vivamune(TM) Health Chews – For dogs and cats
Vivamune(TM) Health Chews, containing Avivagen’s proprietary active ingredients, are scientifically-formulated chews for dogs and cats. Vivamune(TM) Health Chews work with a pet’s own immune system to maintain overall health and well-being. They are sold in re-sealable packages of 30 chews and are currently available in the United States by ordering on-line at www.vivamunehealth.com.
About Oximunol(TM) Chewables – For dogs
Oximunol(TM) Chewables are scientifically-formulated chewable tablets that contain Avivagen’s proprietary, patented active ingredient OxC-beta. OxC-beta has been shown to stimulate innate cellular immunity and may thereby help to maintain overall health and well-being. Oximunol(TM) Chewables are distributed by Bayer Healthcare LLC and are available through veterinarians for dogs of all ages in the United States.
Forward Looking Statements
This document includes certain forward-looking statements that are based upon current expectations, which involve risks and uncertainties associated with the business of Avivagen Inc. and the environment in which the business operates. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions “will”, “anticipate”, “believe”, “plan”, “estimate”, “expect”, “intend”, and similar expressions. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Unless required by law, Avivagen Inc. assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements.
For more information:
CEO & President
100 Sussex Drive
Canada K1A 0R6
Head Office Phone: 613-949-8164
----------------- |Copyright© 2014| |Avivagen | -----------------
Posted: April 11th, 2014 under ACCESSWIRE.