WEST KELOWNA, BC--(Marketwired - June 16, 2017) - CAPHA PHARMACEUTICALS INC. ("Capha" and/or the "Company") announced today it is undertaking a non-brokered private placement to raise a minimum of $2 million through the sale of units of securities of the Company.
The units will be priced at $0.25 per unit with each unit consisting of one common share (a "Share") and one non-transferable common share purchase warrant (a "Warrant"). Each Warrant entitles the holder thereof to purchase one additional Share at a price of $0.50 for a period of 24 months from the date of closing.
The proceeds from the private placement will be used to satisfy the terms of the Letter of Intent with Patel Holdings Ltd. signed on June 7, 2017 and for general working capital purposes.
ON BEHALF OF THE BOARD OF DIRECTORS
"James R. Brown"
James R. Brown
Chairman & CEO
Contact Information:
James R. Brown
778-754-3000