CALGARY, ALBERTA--(Marketwired - March 13, 2017) - QuikFlo Health Inc. ("QuikFlo" or the "Company") (TSX VENTURE:QF)(FRANKFURT:1QF) announces that it anticipates having its first closing early next week of its previously announced non-brokered private placement of up to $7,500,000, subject to regulatory approval (the "Offering"). The Company is offering units at a price of $0.075 per unit, with each unit consisting of one common share and one half of a share purchase warrant entitling the holder to purchase one additional common share for $0.15 for a period of 2 years from closing. The warrants will contain a forced conversion provision that if the shares of the Company trade at $0.25 or more for a period of 10 trading days, the Company has the option to accelerate the expiry date to no less than 30 days from a press release advising of the same. The Company will pay qualified finders a commission of 8% in cash and finder's warrants.
The Company will complete a portion of the Offering pursuant to Multilateral CSA Notice 45-318 Prospectus Exemption for Certain Distributions through an Investment Dealer ("CSA 45-318") and the corresponding instruments, orders and rules implementing CSA 45-318 in the participating jurisdictions (collectively with CSA 45-38, the "Investment Dealer Exemption"). In addition to conducting the Offering pursuant to the Investment Dealer Exemption, the Company will also accept subscriptions for Units where other prospectus exemptions are available. In accordance with the Investment Dealer Exemption, the Company advises that, as at the date hereof, there is no material fact or material change in respect of the Company that has not been generally disclosed. The Company further advises that there is no minimum number of Units being offered pursuant to the Offering.
The shares of Quikflo will be halted from trading pursuant to the policies of the TSXV Exchange, and may not return to trading until closing of its previously announced acquisition of a Las Vegas based medical marijuana business.
Notice regarding Forward Looking Statements: This news release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. This news release includes forward-looking statements with respect to the regulatory approval in respect to the acquisition of new businesses and raising funds. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this news release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents which can be found under the Company's profile on www.sedar.com. Such risk factors may cause the inability of the Company to successfully commercialize any of its biomedical technologies.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.