Acasti Pharma Inc Announces Private Placement Financing of Approximately CAD2,000,000
Acasti Pharma Inc announced that it has received from Dr. Harlan Waksal, Acasti's Executive Vice-President, Business & Scientific Affairs, and Neptune Technologies & Bioressources ("Neptune"), Acasti's parent company, commitments to purchase, by way of private placement, Acasti capital stocks for total net proceeds of approximately CAD2,000,000 (the "Offering"). Dr. Harlan Waksal has committed, subject to customary conditions, to purchase for an aggregate consideration of $1,000,000 USD, 750,000 units of Acasti composed of (i) 750,000 class "A" common shares in the capital of Acasti at $1.33 USD per share, and (ii) warrants to purchase 750,000 additional shares. The warrants to purchase additional shares will be exercisable at a price of CAD1.50 and will expire 36 months following their issue date. The warrants will be vesting over a period of two years and a portion of such warrants will be subject to the achievement of certain agreed upon and predefined milestones. Neptune has also committed, subject to customary conditions, to purchase 750,000 class "A" common shares in the capital of Acasti at CAD1.33 per share, for an aggregate consideration of approximately CAD1,000,000. The net proceeds of the Offering will be used for general corporate purposes (working capital).
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