Ceapro Raises $650,000 through a Non-Brokered Private Placement
EDMONTON, ALBERTA -- (Marketwired) -- 01/21/15 -- Ceapro Inc. (TSX VENTURE:CZO) ("Ceapro" or the "Company"), a growth-stage biotechnology company focused on the development and commercialization of active ingredients for healthcare and cosmetic industries, announced today that it has received conditional TSX-V approval for and has closed a $650,000 first tranche private placement of eight (8) percent unsecured convertible debentures (the "Debentures") due December 31, 2016, with interest payable on June 30 and December 31 of each year.
Pursuant to the terms of the Debentures, Ceapro will have the option to satisfy interest payments through the issuance of common shares based on the volume weighted average trading price of the common shares for the 20 trading days immediately prior to the interest obligation date. The Debentures are convertible into common shares of Ceapro at a price of $0.64 per common share and may be called for redemption upon 60 days' notice. The Debentures and any common shares issued upon conversion of the convertible debentures are subject to a four-month hold period from the date of issue of the Debentures.
Proceeds from the first tranche of the Debentures transaction will be used for capital expenditures, research and development, new product development, general corporate and working capital purposes.
Ceapro intends to pursue closing a second tranche of Debentures in the near future.
About Ceapro Inc.
Ceapro Inc. is a Canadian biotechnology company involved in the development of proprietary extraction technology and the application of this technology to the production of extracts and "active ingredients" from oats and other renewable plant resources. Ceapro adds further value to its extracts by supporting their use in cosmeceutical, nutraceutical, and therapeutics products for humans and animals. The Company has a broad range of expertise in natural product chemistry, microbiology, biochemistry, immunology and process engineering. These skills merge in the fields of active ingredients, biopharmaceuticals and drug-delivery solutions. For more information on Ceapro, please visit the Company's website at www.ceapro.com.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Jenene Thomas Communications, LLC
Investor Relations and Corporate Communications Advisor
Source: Ceapro Inc.
Released January 21, 2015