Blueocean closes $657,825 second tranche of placement
2016-10-26 16:13 ET - News Release
Mr. Gavin Bogle reports
BLUEOCEAN NUTRASCIENCES INC. ANNOUNCES THE CLOSING OF THE SECOND TRANCHE OF ITS NON-BROKERED PRIVATE PLACEMENT
Blueocean Nutrasciences Inc., in compliance with TSX Venture Exchange policies, has closed the second tranche of its previously announced non-brokered private placement for gross proceeds of $657,825. Under the offering, the company will issue 5,720,220 units at 11.5 cents per unit. Each unit will consist of one common share and one common share purchase warrant. Each warrant will entitle the holder to purchase one common share of the company at a price of 20 cents per warrant share until Oct. 26, 2018.
he Units are subject to a statutory four-month-plus-one-day hold period, ending on February 27, 2017. A portion ($26,320) 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 $12,558 and issued 109,200 finder's warrants (each, a "Finder's Warrant") with respect to the Offering. In addition, the Company paid or will pay $3,140 corporate finance fees and issued 27,300 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 issued 16,589,950 Units, raising gross proceeds of $1,907,845, for both tranches of the Financing and will have 23,463,869 Common Shares outstanding.
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.