- Published: 16 November 2018
- Written by Editor
Ovation Science Inc. Closes $2,415,000 IPO and is Listed
PI Financial Corp. (the "Agent") as agent for the Offering sold the maximum amount of Units under the Prospectus being 7,000,000 Units. In addition the Agent has fully exercised its Option to purchase up to an additional 1,050,000 Units. As a result, the Company issued 8,050,000 Units for gross proceeds of $2,415,000 and net proceeds (after deducting the Agent's commission, corporate finance fee and expenses) of $2,167,578.05. In addition the Company issued a total of 644,000 brokers warrants with each Warrant entitling the Agent and other members of the selling group to purchase one common share of the Company at a price of $0.45 per share for a period of two years from closing.
The common shares of the Company were listed on the Canadian Securities Exchange on November 14, 2018 and are expected to commence trading on November 15, 2018.
About Ovation Science Inc.
Ovation Science Inc. is a company that licenses its proprietary topical and transdermal cannabis formulations made with its patented Invisicare® skin delivery technology. Invisicare, used in Ovation's topical and transdermal products, enhances the delivery of cannabidiol (CBD) and tetrahydrocannabinol (THC) to and through the skin.
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Ovation Science Inc. cautions that all forward looking statements are inherently uncertain and that actual results may be affected by a number of material factors, many of which are beyond Ovation Science Inc.'s control.
Neither Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.