Pivot Pharmaceuticals Inc. has signed a Binding Letter of Intent, dated April 8, 2019, with High Park Ventures Inc., a private investment company, for a non-brokered private placement of $15 million. The private placement will be of units at a price of $0.25 per unit, with each unit consisting of one common share and one common share purchase warrant having a term of two years and an exercise price of $0.35.
High Park Ventures is a private investment company with a focus on US investments, whose chairman is entrepreneur Joe Mimran. Upon completion of the closing, Joe Mimran will join Pivot’s advisory committee and will provide strategic advice to Pivot. Mr. Mimran is Co-founder and Chairman of Gibraltar and Company, and an internationally recognized brand and retail concept visionary known for brands such as Joe Fresh and Club Monaco. Krisztian Toth, the Chief Executive Officer of High Park Ventures, will join the Board of Pivot on the closing date. The High Park Ventures team previously founded NettaGrowth International Inc. (“NettaGro”), who through Dormul S.A. obtained the first license to produce medical cannabis with THC for commercialization in Uruguay. NettaGro was sold to Khiron Life Sciences Corp. on January 25, 2019.
Pivot’s CEO, Dr. Patrick Frankham stated, “We are thrilled to welcome Joe Mimran to Pivot’s advisory committee and receive the investment from High Park Ventures. With the investment and support provided by the High Park Ventures Team, we are able to implement and accelerate our initiatives. I would also like to welcome Krisztian Toth to Pivot’s Board of Directors. The experience and track record of the High Park Ventures Team will greatly benefit Pivot’s management team as we commercialize our industry leading bio-cannabis product line.”
Krisztian Toth, CEO of High Park Ventures Inc., “We are excited to work with the Pivot Team and assist them with the development, commercialization and branding of premium quality cannabinoid-based nutraceuticals and pharmaceuticals and leveraging the worldwide rights of their patented drug delivery technologies.”