SOURCE: FPS Pharma Inc.

FPS Pharma Inc.

May 02, 2016 13:07 ET

FPS Pharma Arranges US$2.5 Million Non-Brokered Private Placement

WEST KELOWNA, BC--(Marketwired - May 02, 2016) - FPS PHARMA INC. ("FPS Pharma" and/or the "Company") announced today it has arranged a non-brokered private placement financing of five million common shares in the capital stock of the Company (the "Shares") at a price of US$0.50 per Share for gross proceeds of US$2.5 million (the "Offering").

The net proceeds of the Offering will be used to fund the operations of FPS Pharma Asia Limited, the Company's wholly owned Hong Kong subsidiary, and for general corporate purposes. The Shares issued pursuant to the Offering will be subject to a statutory four month and one day hold period. The Offering is subject to the approval of all applicable regulatory authorities. The Company intends to close the Offering on or about May 25, 2016.

A 12% finder's fee is payable in cash, along with finder's Shares equal to 8% of the number of Shares placed by an eligible finder pursuant to the Offering.

ON BEHALF OF THE BOARD OF DIRECTORS

"James R. Brown"

James R. Brown, President

Contact Information

  • For further information please contact
    James R. Brown
    778-754-3000