BlueOcean announces closing of first tranche of its non-brokered private placement

The net proceeds of the offering will be used to enhance the company's cash on hand and strengthen its working capital position

BlueOcean NutraSciences is pleased to announce, in compliance with TSX Venture Exchange policies, the closing of the first tranche of its previously disclosed non-brokered private placement for gross and net proceeds of US$70,350.

Under the offering, the company will issue 1,005,000 units at $0.07 per unit. Each unit will consist of one common share and one half of one common share warrant.

Each whole warrant will entitle the holder to purchase one common share of the company at a price of $0.10 per warrant share until 18 December 2017. The units are subject to a statutory four-month-plus-one-day hold period, from 18 December 2015: $17,150 of the offering was subscribed for by insiders of the company.

The offering was conducted in reliance upon certain prospectus and registration exemptions. The net proceeds of the offering will be used to enhance the company's cash on hand and strengthen its working capital position. Post-closing, the company had 65,633,407 common shares outstanding.

The offering is subject to all regulatory and TSXV approval.