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Abattis Bioceuticals to raise C$6M in private placement

Abattis Bioceuticals Corp. is looking to raise C$6 million via an equity offering of 13,953,488 units priced at 43 cents each.

Each unit is made up of 1 common share and 0.5 of a purchase warrant. Each whole warrant is exercisable into 1 common share for 65 cents apiece.

The Canadian biotechnology company may sell up to an additional 15% of the shares offered.

The company will use proceeds from the private placement for strategic investments, deployment of extraction equipment and general working capital.