LOS ANGELES, CA–(Aug 2, 2017) – Vitality Biopharma, Inc. (OTCQB: VBIO) (“Vitality”, “Vitality Biopharma”, or the “Company”) a corporation dedicated to the development of cannabinoid prodrug pharmaceuticals, and to unlocking the power of cannabinoids for the treatment of serious neurological and inflammatory disorders, is pleased to advise that on July 28, 2017, the Company closed on a $1 million private placement.
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.”
The shares and warrants described above have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from such registration requirements. The securities were offered only to accredited investors. Pursuant to a registration rights agreement with the investors, the Company has agreed to file one or more registration statements with the SEC covering the resale of the shares and of the shares of common stock issuable upon exercise of the warrants.
About Vitality Biopharma (OTCQB: VBIO)
Vitality Biopharma is dedicated to unlocking the power of cannabinoids for the treatment of serious neurological and inflammatory disorders. For more information, visit: www.vitality.bio. Follow us on Facebook, Twitter and LinkedIn.
Notice Regarding Forward-Looking Statements
This news release contains “forward-looking statements” as that term is defined in Section 27(a) of the United States Securities Act of 1933, as amended and Section 21(e) of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.