NEMUS Bioscience Provides Update on Financing Option

NEMUS Bioscience (OTCQB:NMUS) provided an update on a previously announced private placement for the sale of 1,000,000 shares of Series E Preferred Stock of the Company for gross proceeds of $20,000,000.
As quoted in the press release:

The securities purchase agreement provides for no conditions precedent to the close and that closing is not to occur later than July 10, 2017. As previously announced, an affiliate of Schneider Brothers Ltd, which is authorized and regulated by the European Financial Conduct Authority (License #755098), entered into a guaranty to the benefit of the Company that guarantees the payment of the $20,000,000 investment.
Schneider Finance LLC did not provide funding to close the transaction on July 10, 2017 as required under the securities purchase agreement and has requested an extension of the closing date. “Schneider is currently evaluating funding options internally and remains committed to this transaction,” stated John A. Severson, Director and Partner of Schneider Brothers. The Company intends to continue to work with Schneider Finance to close the transaction either directly with Schneider Finance LLC and their affiliates or through the exercise of the $20 million guaranty that provides for payment of the purchase price in full within 90 days of exercise.

Click here to read the full press release.

Source: www.marketwired.com