PreveCeutical Closes Initial Tranche of Non-Brokered Private Placement

Core Points - PreveCeutical Medical Inc. has closed an initial tranche of a $1,000,000 non-brokered private placement, raising $646,500 through the issuance of 16,162,500 units at a price of $0.04 per unit [1][4] - Each unit consists of one common share and one-half of a share purchase warrant, with warrants exercisable at $0.06 for 24 months, subject to an acceleration right [2][3] - The proceeds from the initial tranche will be used for outstanding payables, operating expenses, and general working capital [4] Financial Details - The initial tranche raised gross proceeds of $646,500 from the issuance of 16,162,500 units at $0.04 each [1] - Finders fees paid included $23,600 in cash and 590,000 finder's warrants, also exercisable at $0.06 for 24 months [3] Future Plans - The company intends to close a second tranche for the remainder of the offering in the coming weeks [4] - All securities issued are subject to a hold period of four months and one day post-closing [4] Company Overview - PreveCeutical is focused on developing innovative preventive and curative therapies using organic and nature-identical products, with five active research and development programs [6]