NanoSphere Announces $2.25 Million Financing for Rapid Expansion of Cannabis Product Line
NanoSphere Health Sciences Inc. (CSE: NSHS) (OTC: NSHSF) is pleased to announce a non-brokered private placement of up to CAD $2,250,000. The proceeds will be used to expand the award-winning Evolve Formulas cannabis products into more markets in the US, Canada, and outside of North America. Funds will also be used to develop new products, increase production in the states that Evolve Products are available in, as well as for general working capital.
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“We only received our worldwide patent for our cannabis delivery system in June this year, and already the company is expanding into the US with our Evolve Formulas brand,” said Nanosphere CEO Robert Sutton. “We’re now in the favourable position of financing that expansion so we can quickly drive increased revenues.”
Nanosphere has developed and patented a radically improved delivery system for cannabinoids that allows for precise dosage, faster onset of therapeutic effects, and exponentially higher bioavailability.
Nanosphere announced on November 8, 2018 the formation of a wholly owned subsidiary, Nanosphere Cannabis International Inc. (NCI), which is tasked with licensing Nanosphere’s ground-breaking technology in countries outside the United States where medical and/or recreational cannabis is legal.
“We are already seeing strong demand for our Evolve products in several countries where cannabis is legal, such as Germany and Canada, but also in countries where legalization is currently underway,” said NCI President Gary Symons. “We expect our growth internationally will be just as rapid as we’ve already seen in the United States.”
The Company is also releasing two new product lines, those being an intraoral cannabis product and an intranasal cannabis spray that can replace the need to smoke or vape cannabis. Both have applications in the medical and recreational cannabis markets.
The private placement will consist of $0.35 units, with each unit comprised of a common share and a full purchase warrant exercisable to purchase a further common share at a price of $0.50 cents for a period of 24 months, subject to accelerated expiry if the company’s shares trade at or above $0.75 for 15 consecutive days. The Company may pay certain finder fees in connection with the financing, subject to the policies of the Canadian Securities Exchange.
The Company further announces it has granted 500,000 stock options to consultants exercisable at a price of $0.52 per share, and that it will issue 206,330 common shares in exchange for media relations and other consulting services at an average price of $0.36 per share. All securities issuances are subject to the approval of the Exchange, and will have a four month statutory hold period from the date of issuance.
NanoSphere’s Commitment to Licensing IP
NanoSphere launched its IP licensing program in 2015 and is entertaining several licensing opportunities via a rigorous evaluation process. For more information about NanoSphere’s licensing program, please visit: https://www.nanospherehealth.com/licensing/
NanoSphere Health Sciences LLC, is a biotechnology firm specializing in the creation of the NanoSphere Delivery System™, a revolutionary platform using nanotechnology in the biodelivery of supplements, nutraceuticals and over-the-counter medications for the cannabis, pharmaceutical and animal health industries, and beyond. NanoSphere Delivery System™ represents one of the most important developments for advancing the non-invasive and user-friendly delivery of biological agents in over 25 years. For more information on NanoSphere, please visit http://www.nanospherehealth.com.
About Evolve Formulas
Evolve Formulas is the provider of the world's first and only scientifically proven nanoparticle delivery system in cannabis. Evolve’s pioneering product, Transdermal NanoSerum™, is a fast-acting, ultra-strength transdermal formula infused with nano-encapsulated cannabis and cannabis extracts. NanoSerum™ immediately penetrates the skin to deliver direct-focused results and intelligently carries a full spectrum of cannabinoids and phytochemicals to receptors throughout the body for systemic healing. Evolve Formula products leverage NanoSphere Health Sciences™ patented NanoSphere Delivery System™. The NanoSphere Delivery System™ is a revolutionary platform using nanotechnology in the biodelivery of supplements, nutraceuticals and over-the-counter medications for the cannabis, pharmaceutical and animal health industries, and beyond. For more information on Evolve Formulas, visit https://www.evolveformulas.com/. Follow us on Facebook, Instagram and Twitter.
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
Forward Looking Statement Caution
This news release includes forward looking statements that are subject to assumptions, risks and uncertainties. Statements in this news release which are not purely historical are forward looking statements, including without limitation any statements concerning the Company's intentions, plans, estimates, expectations or beliefs regarding the future. Although the Company believes that any forward looking statements in this news release are reasonable, there can be no assurance that any such forward looking statements will prove to be accurate. The Company cautions readers that all forward looking statements, including without limitation those relating to the Company's future operations and business prospects, are based on assumptions none of which can be assured, and are subject to certain risks and uncertainties that could cause actual events or results to differ materially from those indicated in the forward looking statements. Without limitation, these include assumptions, risks and uncertainties inherent in completing sub-licensing arrangements in the United States, Canada and abroad, product demand, production, competition and government regulation of the Cannabis industry, any and all of which may have an adverse effect on the Company’s expansion plans, sales, revenues and its financial results and condition. Readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance on forward looking statements. Any forward looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward looking statements, or to update the reasons why actual events or results could or do differ from those projected in the forward looking statements, whether as a result of new information, future events or otherwise.
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