Wednesday, October 12, 2016

Blueocean closes $1.25M first tranche of placement

2016-10-12 09:47 ET - News Release

Mr. Gavin Bogle reports
In compliance with TSX Venture Exchange policies, Blueocean Nutrasciences Inc. has closed the first tranche of its previously announced non-brokered private placement for gross proceeds of $1,250,019. Under the Offering, the Company will issue 10,869,730 units (the "Units") at $0.115 per Unit. Each Unit will consist of one common share ("Common Share") and one Common Share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to purchase one Common Share (each a "Warrant Share") of the Company at a price of $0.20 per Warrant Share until October 11, 2018 for 7,953,862 Warrants and October 12, 2018 for 2,915,868 Warrants.

The Units are subject to a statutory four-month-plus-one-day hold period, ending on February 12, 2017 for 7,953,862 Units and February 13, 2017 for 2,915,868 Units. A portion ($85,825) of the Offering was subscribed for by insiders of the Company and is subject to all regulatory and TSXV approval. The Company paid or will pay cash finder's fees totalling $37,692 and issued 327,760 finder's warrants (each, a "Finder's Warrant") with respect to the Offering. In addition, the Company paid or will pay $25,000 corporate finance fees and issued 217,305 corporate finance warrants (each, a "Corporate Finance Warrant") with regard to the Offering. Each Finder's Warrant and Corporate Finance Warrant are exercisable for 1 Common Share at an exercise price of $0.115, for a period of 2 years after closing. The Offering was conducted in reliance upon certain prospectus and registration exemptions. The net proceeds of the Offering will be used to enhance the Company's cash on hand and strengthen its working capital position. Post-closing of the Offering, the Company will have 17,743,649 Common Shares outstanding.

About BlueOcean
BlueOcean NutraSciences Inc. is a Canadian listed public Company that is focused on developing sustainable, specialty nutraceutical oil products targeted at the rapidly growing Natural Astaxanthin, Omega-3 and Algal oil health and wellness markets. BlueOcean's bulk shrimp oils contain high levels of naturally occurring astaxanthin, phospholipids, and omega-3 EPA and DHA. Northern and Pacific AstaShrimp(TM) bulk oils are targeted at the high value and rapidly growing natural astaxanthin and phospholipid omega-3 markets.

BlueOcean's Pure Polar(TM) Omega-3 Shrimp Oil formulations contain over two times more omega-3 EPA & DHA and 10 times more astaxanthin than typical retail krill oil brands, and contain phospholipids for better absorption of omega-3s. Product details and ordering can be found at:
We seek Safe Harbor.

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