BlueOcean NutraSciences announces a non-brokered private placement and lease termination agreement
The net proceeds from the private placement will be used to enhance the company's cash on hand and strengthen its working capital position
BlueOcean NutraSciences Inc. is pleased to announce that it intends to proceed with a private placement offering of up to 7,500,000 units at a subscription price of C$0.10 per Unit for gross proceeds of up to C$750,000.
Each unit will consist of one common share and one-half of one common share purchase warrant. Each Warrant will entitle the holder to purchase one common Share at a price of C$0.15, for a period of 24 months from the date of closing. The securities to be issued will be subject to a statutory four month-plus-one-day hold period from the date of closing.
The private placement offering of up to 7,500,000 units will comprise a non-brokered offering. Closing on the non-brokered offering is expected on or before 13 April 2015, or such other date as may be agreed on by the company.
The private placement will be conducted in reliance upon certain prospectus and registration exemptions. The net proceeds from the private placement will be used to enhance the company's cash on hand and strengthen its working capital position. BlueOcean currently has 54,467,693 common shares outstanding.
The private placement is subject to all applicable regulatory approvals, including the acceptance of the TSX Venture Exchange.BOC is also pleased to announce that the company and its landlord have agreed in principle on the terms of a lease termination to be effective 31 March 2015. The lease was entered into on 1 March 2012 when the company had plans to build an algae-growth plant to utilise its patented growth technology in a joint venture.
Since those plans did not materialise the company has been unable to make use of the property. The company will have until 2016 to begin paying the outstanding amounts on the lease but will not incur further expenses on a go-forward basis.
