Pivot Completes C$1.64 Million Non-Brokered Private Placement

Published: October 22, 2018

Pivot Completes C$1.64 Million Non-Brokered Private Placement

Pivot Pharmaceuticals Inc. announced that it has closed a non-brokered Private Placement for a total of C$1,641,300 and has also settled C$1,500,000 of outstanding debt with the issuance of common shares and share purchase warrant. Proceeds of the Private Placement will be used for general working capital purposes, capital expenditures and patent costs.

The Company issued 4,103,250 units at a price of C$0.40 per Unit for gross proceeds of C$1,641,300. Each Unit consists of one common share and one common share purchase warrant. Each Warrant is exercisable for one Common Share for a period of three years from the date of issuance at an exercise price of C$0.60. The Common Shares and Warrants will be subject to resale restrictions for a period of four months and one day from the date of issuance.

In connection with the closing of the Private Placement, Hampton Securities Limited, Industrial Alliance Securities Inc., and certain other finders received an aggregate cash commission of $88,904 representing commissions of up to 8% of the gross proceeds raised by such finders, and 222,260 agent warrants, representing 8% of the gross number of Units raised.

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