Abattis Seeks Financing Solutions to Facilitate New Growth Initiative: Abattis Ends US$5 Million Standby Equity Purchase Agreement With Kodiak Capital Group LLC.http://www.marketwatch.com/story/abattis-seeks-financing-solutions-to-facilitate-new-growth-initiative-abattis-ends-us5-million-standby-equity-purchase-agreement-with-kodiak-capital-group-llc-2015-02-04-14173112
VANCOUVER, BRITISH COLUMBIA, Feb 04, 2015 (Marketwired via COMTEX) -- Abattis Bioceuticals Corp. (the "Company" or "Abattis") (otcqx:ATTBF)(cse:ATT), announced that the standby equity financing agreement and a registration rights agreement with Kodiak Capital Group, LLC announced on August 5, 2014, in order to establish a possible source of funding for us has been terminated. Under the equity financing agreement, Kodiak agreed to provide us with up to $5,000,000 of funding upon effectiveness of a registration statement on Form F-1 filed with the U.S. Securities and Exchange Commission. The Company did not file a Form F-1 or sell any shares of its common stock under the equity financing agreement.
On February 4, 2015, in accordance with the terms of the equity financing agreement, we exercised our right to terminate the contract upon written notice to Kodiak. We did not incur any penalties as a result of this termination.
Rene David, CFO and COO of Abattis said: "We believe it is in the best interest of our shareholders to terminate the equity financing agreement with Kodiak at this time. Although we value the professional relationship the two companies were able to establish over the past months, the fit at this time was not right. Our board of directors is committed to exploring all possible financing alternatives to unlock the potential of our assets and to maximize value for our shareholders, we appreciate Kodiak Capital's group support with our 2014 initiatives."