PreveCeutical Secures $300,000 Loan
and Resignation of a Director
As the Lender is a current director and executive officer of the Company, the Loan constituted a related party transaction pursuant to Multilateral Instrument 61 101 - Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company relied on Sections 5.5(a) and 5.7(1)(a) of MI 61-101 for an exemption from the formal valuation and minority shareholder approval requirements, respectively, of MI 61-101, as, at the time the Loan was made available to the Company, neither the fair market value of the subject matter of, nor the fair market value of the consideration for the Loan exceeded 25% of the Company’s market capitalization.
Resignation of a Director
PreveCeutical’s President and Chief Science Officer, Dr. Mak Jawadekar stated,
Greg has served on the PreveCeutical board of directors since the company went public in 2017. He has made many contributions to the success and growth of the company, drawing on his wealth of experience and contacts from his successful business career. On behalf of the board of directors, the management team and our shareholders, I thank Greg and wish him all the best in the future
PreveCeutical aims to be a leader in preventive health sciences and currently has five research and development programs, including: dual gene therapy for curative and prevention therapies for diabetes and obesity; the Sol-gel Program; Nature Identical™ peptides for treatment of various ailments; non-addictive analgesic peptides as a replacement to the highly addictive analgesics such as morphine, fentanyl and oxycodone; and a therapeutic product for treating athletes who suffer from concussions (mild traumatic brain injury).
please visit www.PreveCeutical.com, follow us on Twitter: http://twitter.com/PreveCeuticals and Facebook: www.facebook.com/PreveCeutical.
“Dr. Makarand (Mak) Jawadekar”
President& Chief Science Officer
For further information, please contact:
Director of Corporate Communications & Investor Relations