VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 3, 2016) - Pacgen Life Sciences Corporation, (TSX VENTURE:PBS) (“Pacgen” or the “Company”) announced today that it has closed its previously announced non-brokered private placement of 5,300,000 units (“Units”) at a subscription price of $0.06 per Unit for gross proceeds of $318,000. Proceeds from the private placement will be used for general corporate purposes. Each Unit consists of one common share in the capital of Pacgen and one-half of one common share purchase warrant. Each whole warrant entitles the holder thereof to acquire one additional common share at a price of $0.08 for a period of two years from the closing date. All Units issued pursuant to the private placement are subject to a four month hold period until June 3, 2016. As members of Pacgen’s Board of Directors subscribed for $248,000 of the Units offered under the private placement, the issuance of the Units is considered a related party transaction subject to TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 (“MI 61-101"). However, the private placement is exempt from the formal valuation and minority shareholder approval requirements provided under MI 61-101 on the basis that participation in the private placement by insiders does not exceed 25% of the fair market value of Pacgen’s market capitalization. About Pacgen Pacgen is a life sciences company focused on the commercialization of life science products and services. The Company has an exclusive worldwide license to develop and commercialize a novel antifungal called PAC-113. The Company has sublicensed its PAC-113 right to General Biologicals Corporation (“GBC”), who has recently launched non-prescription over-the-counter (“OTC”) products containing PAC-113 in Taiwan. In accordance with the sublicense arrangement, Pacgen is entitled to royalty based on product sales by GBC. For additional information, please visit www.pacgenlife.com.
