Ottawa, ON / ACCESSWIRE / April 11, 2014 /
Avivagen Inc. (TSXV: VIV), a wellness company developing and
delivering products that support and enhance the health and quality
of life for animals and the people who care for them, announces the
closing of its previously announced private placement.
"Avivagen believes a strong balance sheet assists with global
development, marketing and distribution for our products: Business
partners need to know that Avivagen can follow-through on its
commitments." stated CEO & President Cameron Groome.
"Additionally, we are pleased to demonstrate a commitment by
Executives and Directors on the same terms as our previous arm's
length private placement." concluded Mr. Groome.
The private placement was first announced on February 28, 2014
and is in the amount of $172,500.16, comprised of the sale of
2,464,288 units, with each unit being comprised of one common share
and one-half a common share purchase warrant, for a unit price of
$0.07. Each whole warrant entitles the holder to acquire one common
share of Avivagen at an additional purchase price of $0.12 for
three years from closing. At the time of disclosure and pricing of
the private placement, Avivagen shares were trading at a price of
$0.06.
As previously disclosed, the private placement was entirely
taken up by management and directors of Avivagen, namely:
- Mr. G.F. Kym Anthony - Incoming Independent
Chairman and Director
- Mr. Jacques Brault - Outgoing Independent
Chairman and Director
- Mr. Cameron Groome - CEO and President
- Mr. Chris Boland - CFO
- Dr. Janusz Daroszewski, Director of Product
Development and Quality Assurance
Avivagen paid no commissions to agents or finders in connection
with the private placement. All securities issued via this
placement are subject to statutory hold period expiring four months
after the transaction. The private placement remains subject to TSX
Venture Exchange approval.
Avivagen has also reached agreements for the conversion of
$81,713.20 of payables into equity at $0.056 per common share,
which will result in the issuance of 1,459,164 common shares.
This will reduce Avivagen's balance sheet liabilities by a total
of $81,713.20.
Chris Boland, CFO of Avivagen commented "This conversion of
liabilities into equity enhances the financial strength of our
company and should improve our ability to achieve stated
objectives. We appreciate the support of our partners in
undertaking these conversions."
The conversions referenced are effective April 11, 2014 and are
subject to the necessary TSX Venture Exchange approvals.
About Avivagen Inc.
Avivagen Inc. is a publicly-listed life sciences company trading
on the TSX Venture Exchange under the ticker symbol "VIV". The
Company's goal is to develop and deliver scientifically-proven
solutions that can truly benefit companion and production animals
by employing natural mechanisms for maintaining good health.
Avivagen's targeted markets include Livestock Productivity and Pet
Wellness.
The company has sites located in partnership facilities of the
National Research Council of Canada (NRC) - in Ottawa, Ontario and
Charlottetown, Prince Edward Island. More information can be found
at http://www.avivagen.com/.
About OxC-beta
Avivagen's proprietary and patent-protected technology is based
on its discoveries concerning carotenoid antioxidants. The novel
natural compounds discovered by Avivagen support the body's own
systems to maintain and enhance health, particularly by supporting
immune function. Avivagen's commercial-stage application of its
technology is Fully-Oxidized beta-Carotene (OxC-beta). OxC-beta
compounds occur naturally as carotenoid oxidation products in
vegetation, but in minute amounts. They have been developed to
support the health of companion animals and for use in the global
food animal market.
Research and study results indicate OxC-beta supports innate
immune function, which can help maintain good health. In pets,
OxC-beta supports overall vitality and energy, mobility and joint
function, skin, coat and gut. Results observed in food animals have
included healthier growth, better utilization of feed and decreased
mortality. In food animals, it is intended that use of OxC-beta
avoids the feeding of antibiotics.
The commercial products of Avivagen are OxC-beta for livestock,
Vivamune(TM) Health Chews and Oximunol(TM) Chewables.
About OxC-beta for Livestock
OxC-beta for Livestock is available as a 10% pre-mix sold in 1.0
or 5.0 Kg quantities for parts-per-million addition to animal
feeds, in accordance with producer-developed protocols. In past
studies, OxC-beta has been shown to support health and growth in
species such as fish, chicken, pigs and cattle. OxC-beta for
livestock is currently available for commercial sale in the Kingdom
of Thailand.
About Vivamune(TM) Health Chews - For dogs and
cats
Vivamune(TM) Health Chews, containing Avivagen's proprietary
active ingredients, are scientifically-formulated chews for dogs
and cats. Vivamune(TM) Health Chews work with a pet's own immune
system to maintain overall health and well-being. They are sold in
re-sealable packages of 30 chews and are currently available in the
United States by ordering on-line at www.vivamunehealth.com.
About Oximunol(TM) Chewables - For dogs
Oximunol(TM) Chewables are scientifically-formulated chewable
tablets that contain Avivagen's proprietary, patented active
ingredient OxC-beta. OxC-beta has been shown to stimulate innate
cellular immunity and may thereby help to maintain overall health
and well-being. Oximunol(TM) Chewables are distributed by Bayer
Healthcare LLC and are available through veterinarians for dogs of
all ages in the United States.
Forward Looking Statements
This document includes certain forward-looking statements that
are based upon current expectations, which involve risks and
uncertainties associated with the business of Avivagen Inc. and the
environment in which the business operates. Any statements
contained herein that are not statements of historical facts may be
deemed to be forward-looking, including those identified by the
expressions "will", "anticipate", "believe", "plan", "estimate",
"expect", "intend", and similar expressions. Forward-looking
statements are subject to a number of risks and uncertainties that
could cause actual results or events to differ materially from
current expectations. Unless required by law, Avivagen Inc. assumes
no obligation to update the forward-looking statements, or to
update the reasons why actual results could differ from those
reflected in the forward-looking statements.
For more information:
Avivagen Inc.
Cameron Groome
CEO & President
c.groome@avivagen.com
100 Sussex Drive
Ottawa, Ontario
Canada K1A 0R6
Head Office Phone: 613-949-8164
Website: http://www.avivagen.com/
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|Copyright© 2014|
|Avivagen |
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