West Vancouver, British Columbia, February 5, 2016 – Further to the Company’s news releases of February 1, 2016, Canadian International Pharma Corp. (the “Company” or “CIPC”) is pleased to report that the Company has issued an additional 714,286 units (the “Units”) at $0.07 per Unit for additional gross proceeds of $50,000 under its non-brokered private placement (the “Private Placement”). As a result, the Company has raised an aggregate of $500,000 by the issuance of 7,142,857 Units. Each Unit consists of one common share and one share purchase warrant, with each warrant entitling the holder to purchase an additional common share for a period of one year at an exercise price of $0.15. The initial 6,428,571 Units issued pursuant to the Private Placement are subject to a hold period expiring on May 30, 2016 and the additional 714,286 Units are subject to a hold period expiring on June 4, 2016.
The Company intends to use the proceeds from this Private Placement for financing the continued development and pursuit of business opportunities in the area of pharmaceutical and neutraceutical manufacturing and general working capital purposes.
About Canadian International Pharma Corp.
Canadian International Pharma Corp (“CIPC” or the “Company”) intends to develop a multi-faceted generic drug manufacturing, distribution and testing / certification company. Once CIPC has obtained its expected Canadian Good Manufacturing (“GMP”) license, it intends to focus on applying GMP standards to generics manufactured outside of Canada so that these generics can be certified and tested on an ongoing basis as meeting Canadian standards. The Company also plans to utilize its anticipated GMP license and its planned Canadian manufacturing facility to produce generics and neutraceuticals in Canada for the Canadian market. CIPC also plans to take advantage of international market demands for Canadian and US manufactured neutraceuticals and, in connection therewith, CIPC intends to negotiate and establish distribution agreements with Canadian and US neutraceuticals manufacturers.
For further information, contact Mr. Clive Shallow, Shareholder Communications, at 604-922-2030, or visit the Company’s website at www.canpharmacorp.ca.
CANADIAN INTERNATIONAL PHARMA CORP.
“Douglas L. Mason”
Douglas L. Mason, Chief Executive Officer
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FORWARD LOOKING STATEMENTS
This release includes certain statements that may be deemed “forward-looking statements” within the meaning of applicable securities legislation. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “suspects”, “intends”, “estimates”, “projects”, ”targets”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those expressed in, or implied by, this forward looking information. Factors that could cause actual results to differ materially from those in forward-looking statements include such matters as market prices for the Company’s anticipated products, regulatory approvals required for the Company’s business plans, continued availability of capital and financing, and general economic, market or business conditions. Any forward-looking statements are expressly qualified in their entirety by this cautionary statement. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date such statements were made. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in the United States. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to the account or benefit of a U.S. person absent an exemption from the registration requirements of such Act.