Prescient NeuroPharma Inc.

May 01, 2007 20:03 ET

Prescient NeuroPharma Announces Closing of Its Previously Announced $2 Million Financing

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 1, 2007) - Prescient NeuroPharma Inc. (the "Company") (TSX VENTURE:PNO) is pleased to announce that it has closed its non-brokered private placement of 40,000,000 units at a price of $0.05 per unit for gross proceeds of $2,000,000. Each Unit consists of one common share and one common share purchase warrant exercisable at $0.10 until May 1, 2009.

The Company paid a finder's fee of 2,000,000 units to Endeavour Financial.

All securities issued pursuant to the private placement, including the finder's fee securities, are subject to a four month hold expiring September 2, 2007.

The proceeds from the private placement will be used by the Company to pay existing payables, for working capital and for identification of new assets.

On behalf of the Company

Leanne Bate, President

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Prescient NeuroPharma Inc.
    Leanne Bate
    (604) 808-3570