Carrara to close PreveCeutical buy, financing June 15

2017-05-24 09:31 ET - News Release

Mr. Robert Coltura reports
CARRARA PROVIDES UPDATE ON ACQUISITION OF PREVECEUTICAL AND PRIVATE PLACEMENT

Carrara Exploration Corp.'s acquisition of PreveCeutical Medical Inc. is expected to close on or about June 15, 2017. The transaction was approved by the shareholders of PreveCeutical Medical on May 12, 2017, and by the shareholders of the company on May 19, 2017. The company has also made application to the Canadian Securities Exchange to have its common shares relisted on the CSE following the completion of the transaction, which constitutes a fundamental change under CSE policies. In connection with the transaction, and further to a news release dated March 22, 2017, the company also announces that it anticipates the previously announced non-brokered private placement of between two million and 10 million units for aggregate gross proceeds between $1-million and $5-million to close concurrently with the transaction.

In addition to other prospectus exemptions commonly relied upon in private placements, the offering is available to certain subscribers pursuant to B.C. Instrument 45-536, exemption from prospectus requirement for certain distributions through an investment dealer. In accordance with the requirements of the investment dealer exemption, and as of the date of this news release, the company confirms that there is no material fact or material change about the company that has not been generally disclosed.

In the event that minimum gross proceeds of $2-million are raised under the offering, such proceeds will be used to cover costs related to the transaction and to finance research and development projects concerning peptides derived from Caribbean blue scorpion venom and nose-to-brain delivery of cannabinoids. If the maximum gross proceeds of $10-million are raised under the offering, such proceeds will also be used to finance additional health and wellness projects, including research and development of dual-gene therapy approach for certain medical conditions, and for general working capital purposes.

Further information
Carrara is a reporting issuer in the provinces of Alberta, British Columbia and Ontario, and its common shares are listed on the CSE under the symbol CAA.
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