Aurquest Resources Inc. and Xanthic Biopharma Limited Announces Closing of $1,500,000 Private Placement
TORONTO, ONTARIO–(Marketwired – Jan. 17, 2018) -
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Aurquest Resources Inc. (“Aurquest“) and its wholly owned operating subsidiary Xanthic Biopharma Limited (“Xanthic”) are pleased to announce that it has completed its previously announced non-brokered private placement financing (the “Offering“). The Offering was upsized to $1,500,000 from the previously announced in the press release of the Company dated December 18, 2017 for gross proceeds of up to $1,000,000.
Pursuant to the Offering, Aurquest issued 96,000,000 common shares (“Common Shares“) at a price of $0.015625 per Common Share to raise net proceeds of $1,500,000. As of the completion of the Offering, a total of 445,684,184 Common Shares are issued and outstanding.
The Common Shares issued under the Offering are subject to a hold period which will expire four months and one day from the date hereof, being May 17, 2018. The net proceeds of the Offering are expected to be allocated to Aurquest’s working capital needs.
About Aurquest and Xanthic
Aurquest through its wholly owned operating subsidiary Xanthic, produces high quality, innovative, non-combustible cannabis, and cannabis-infused products which deliver consistent THC and/or CBD levels. Using a proprietary process, Xanthic is able to deliver superior cannabinoid solubility and consistency versus competitive infused products.
Aurquest is seeking shareholder approval changing its name to Xanthic Biopharma Inc. and completing an 8 for 1 common share consolidation, among other items on the agenda, in the upcoming annual general and special meeting on February 16, 2018.
This news release may contain forward-looking statements and information based on current expectations. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Such statements include the ability of Aurquest to allocate the net proceeds of the Offering to its working capital needs. There is no certainty that any of these events will occur. Although such statements are based on management’s reasonable assumptions, there can be no assurance that such assumptions will prove to be correct. We assume no responsibility to update or revise them to reflect new events or circumstances, except as required pursuant to applicable securities laws.
Aurquest’s securities have not been registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act“), or applicable state securities laws, and may not be offered or sold to, or for the account or benefit of, persons in the United States or “U.S. Persons”, as such term is defined in Regulation S under the U.S. Securities Act, absent registration or an applicable exemption from such registration requirements. 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 the securities in the United States or any jurisdiction in which such offer, solicitation or sale would be unlawful.