Vitality Biopharma (OTCQB:VBIO) closed a $1 million private placement.
As quoted in the press release:
As previously described on the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on July 27, 2017, on July 26, 2017, the Company entered into a securities purchase agreement in a private placement of an aggregate of 666,667 shares of the Company’s common stock and Warrants to purchase up to an aggregate of 333,334 shares of the Company’s common stock (the “Warrants”), at a price of $1.50 per Share (the “Offering”). Each Warrant is immediately exercisable, expires on the three year anniversary of the date of issuance, and has an exercise price of $2.00 per share.
Vitality Biopharma plans to use the proceeds from this financing for cannabinoid pharmaceutical research and development as well as for general corporate purposes. Company CEO Robert Brooke notes, “We are excited to obtain this additional investment from institutional investors, which is very helpful as we advance our proprietary cannabosides into clinical development.”