Back to back PR, folks! Looks like Kodiak Capital is out and Dutchess Opportunity is in. B-)
Abattis Enters Into US$25 Million Equity Line Facility Agreement with Dutchess Opportunity Fund, II, LPhttp://finance.yahoo.com/news/abattis-enters-us-25-million-193516516.html
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 4, 2015) - Abattis Bioceuticals Corp. (the "Company" or "Abattis") (ATTBF)(CSE:ATT), a specialty biotechnology company focused on cultivating, licensing, and marketing proprietary ingredients, bio-similar compounds, equipment, and consulting services to North American medicinal markets, including medical marihuana, announced that it has entered into a US$25 million equity line facility agreement with Dutchess Opportunity Fund, II, LP, a Delaware Limited Partnership - ("Dutchess"). The Company has agreed to file a registration statement with the U.S. Securities & Exchange Commission ("SEC") covering the Abattis shares that may be issued to Dutchess under this financing. After the SEC has declared the registration statement related to the transaction effective, the Company has the right at its sole discretion over a period of three years to sell up to US$25 million of common shares to Dutchess under the terms of the financing agreement, which shares will be issued at the current market price less permitted discounts in effect during such issuances. Proceeds from this transaction will be used to fund the continued development of the Company's GDERS (grow, dry, extract, refine, sell) strategy spanning the entire industry supply chain from seed to sale.
"We are delighted with the new financing arrangement with Dutchess," said Bill Fleming, Chief Executive Officer, of Abattis. "The additional funding will allow us to push forward with our growth strategies of our services and products in the pharmaceutical and nutraceutical industries and our growing, testing, and controlled cultivation environments in the medical marijuana designed to meet and exceed industry standards for consistent quality, safety, and efficacy."
Douglas Leighton, Managing Partner of Dutchess Capital stated, "As one of the most active institutional investors in cannabis-related enterprises, we are excited to add another to our portfolio. We remain very optimistic regarding Abattis' current business, its significant growth opportunities and the ability of Bill Fleming and their team to deliver."
The securities referenced above may not be sold and offers to buy these securities may not be accepted prior to the time that the registration statement relating to the offering of such securities becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.