Vanc Pharmaceuticals Inc. plans to raise C$1.3 million in a nonbrokered private placement of company units.

The company will issue 5,416,666 units at 24 Canadian cents apiece with each unit comprising a common share and one transferable share purchase warrant.

Each warrant is exercisable for conversion into a common share for 32 Canadian cents within 60 months from the date of issue.

"With this round of financing we will be building inventory and adding to our existing sales and marketing team to introduce our generic drug portfolio along with our OTC products to the Canadian market," VANC's interim CEO, Bob Rai, said in a statement.