PreveCeutical Enters into Loan Agreements
PreveCeutical Medical announces a series of unsecured, non-convertible, and interest-free loan agreements totaling $297,731.00. The loans, provided by CEO Stephen Van Deventer and former President Kimberly Van Deventer, aim to support working capital. Stephen Van Deventer's involvement qualifies as a 'related party transaction' under MI 61-101, but the company has exempted from requiring minority shareholder approval.
- Raised $297,731.00 in unsecured, non-convertible, and interest-free loans.
- Proceeds will be used for working capital, potentially stabilizing the company's financials.
- The loans are unsecured, posing a risk to lenders in case of default.
- Stephen Van Deventer's participation as a related party could raise governance concerns.
Vancouver, British Columbia--(Newsfile Corp. - June 17, 2024) - PreveCeutical Medical Inc. (CSE: PREV) (OTCQB: PRVCF) (FSE: 18H) (the "Company" or "PreveCeutical") announces that it has entered into a series of unsecured, non-convertible and interest-free loan agreements with, the Company's Chief Executive Officer, interim Chief Financial Officer and Chair, Stephen Van Deventer, and the Company's former President and director, Kimberly Van Deventer (collectively, the "Lenders"), in the aggregate amount of
The proceeds of the Loans are intended to be used for working capital purposes.
Stephen Van Deventer's participation is considered to be a "related party transaction" as defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company has relied on the exemption from the minority shareholder approval requirement of MI 61-101 contained in section 5.7(1)(f) of MI 61-101 in respect of such insider participation.
About PreveCeutical
PreveCeutical is a health sciences company focused on developing innovative options for preventive and curative therapies utilizing organic and nature identical products. The Company aims to be a leader in the preventive health sciences sector.
With the completion of three of its research programs, the Company is actively working on the development, clinical trials, and commercialization of its products; and has filed a number of provisional patent applications to protect the intellectual property from its research programs.
For more information about PreveCeutical, please visit our website www.PreveCeutical.com or follow us on Twitter and Facebook.
On behalf of the Board of Directors of PreveCeutical
Stephen Van Deventer, Chairman, Chief Executive Officer and interim Chief Financial Officer
For further information, please contact:
Stephen Van Deventer: +1 604 306 9669
Or Investor Relations ir@preveceutical.com
Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements: This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified using forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". This information and these statements, referred to herein as "forward‐looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions with respect to, among other things: the Company's anticipated use of proceeds of the Loans; and the Company's plans relating to the development, clinical trials and commercialization of its products.
These forward‐looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things: the Company being unable to use the proceeds of the Loans as anticipated; the Company being unable to execute its business plans as intended; recent market volatility; and the state of the financial markets for the Company's securities.
In making the forward-looking statements in this news release, the Company has applied certain material assumptions, including without limitation, that: the Company will be able to use the proceeds of the Loans as anticipated; and the Company will be able to execute its business plans as intended.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial outlook that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/213358
FAQ
What is the total amount of the loans PreveCeutical announced?
Who provided the loans to PreveCeutical?
What are the terms of the loans announced by PreveCeutical?
How will PreveCeutical use the proceeds from the loans?
Is Stephen Van Deventer's loan to PreveCeutical considered a related party transaction?
Did PreveCeutical obtain minority shareholder approval for the loans?
