TORONTO, Aug. 03, 2018 (GLOBE NEWSWIRE) — ALGAE DYNAMICS CORP (OTC: “ADYNF”) (the “Company”), a company focused on the development of unique health products and nutraceuticals utilizing cannabis and botanical oil extracts, today announced it has received funding of CDN$520,000 through the sale of $100,000 Canadian 10% Convertible Debentures (convertible into 400,000 shares of common stock at $0.25 CAN) and $420,000 CAN through the sale of 1,050,000 shares of restricted Common stock at $0.40 CAN and the issuance of 525,000 purchase warrants at $0.75 CAN via an Offering Memorandum from accredited investors.
The Company intends to use the funds to further support Dr. Steven Laviolette and his team at Western University and Dr. Jonathan Blay at The University of Waterloo (announced previously).
Funds will also be allocated for patent applications, supporting development activities with our Licensed Partners, general administrative expenses and compliance.
The researchers at Western University, the Company’s scientific collaboration team, have ongoing research projects that are identifying safer and clinically superior cannabinoid formulations aimed at treating the symptoms of various psychiatric disorders, while eliminating the negative side effects associated with traditional marijuana formats.
Paul Ramsay stated, “We are pleased to continue funding our University partners research, development and inventions of Cannabis based formulations for patients with mental health conditions and various types of cancers. It is our Companies focus to bring these formulations to market via licensing our products to licensed collaboration partners that will produce and market these products to give their patients better results with the use of Medical Cannabis.
About Dr. Steven Laviolette
The investigator leading the research is Dr. Steven Laviolette, a Professor and Neuroscientist in the Schulich School of Medicine & Dentistry at Western University in London, Ontario. Dr. Laviolette is a leader in the study of cannabinoids in mental health and was recently awarded “Faculty Scholar” status at Western University. Dr. Laviolette’s research team has previously made numerous fundamental discoveries related to how cannabinoids impact and may serve as treatments for mental health disorders including schizophrenia, depression, post-traumatic stress disorder and anxiety. Dr. Laviolette’s primary research focus is in characterizing how specific phytochemical derivatives of cannabis may interact with specific brain pathways and molecular mechanisms whereby they may improve symptoms associated with various mental health disorders. Research from Dr. Laviolette’s team has been published in the top neuroscience and psychiatry journals in the world. His full profile may be seen on Western University’s, website www.uwo.ca
About Algae Dynamics Corp (ADC)
ADC is engaged in the development of unique health products and nutraceuticals that utilize hemp, cannabis and algae oils. We have engaged two Canadian universities to provide research into the use of extracts from cannabis oil, which we plan to use to develop products that combine the significant health benefits of Omega-3s derived from algae oil and extracts from cannabis oil. Our research is focused on the use of cannabis oil in the context of cancer, and the use of cannabis derivatives for the development of novel pharmacotherapies for mental health.
For more information, visit http://www.algaedynamics.com
This news release contains “forward-looking statements” as that term is defined in Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, use of proceeds and the development, costs and results of current or future actions and opportunities in the sector. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies, our ability to raise the additional funding we will need to continue to pursue our exploration and development program, and our ability to retain important members of our management team and attract other qualified personnel. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate.