Veritas Pharma Inc. (DB:2VP) announced a non-brokered private placement of up to 9,090,910 units at a price of CAD 0.22 per unit for gross proceeds of CAD 2,000,000 on January 9, 2017. Each unit consists of one common share and one share purchase warrant. Each warrant entitles its holder to acquire one common share at an exercise price of CAD 0.30 for a period of 18 months from the date of issuance. In the event that the closing price of the shares as quoted exceeds CAD 0.80 per share for a price of 10 consecutive trading days, the company may, within 5 days of such event, provide notice by way of news release of early expiry, in which event the warrants will expire 30 days from the date of such news release. The transaction will include participation from Marapharm Ventures Inc. (DB:2M0) for 5,000,000 units. The company may pay finder's fee in cash in an amount of 8% of the proceeds raised by such finder, and units that is equal up to 8% of the number of units placed through the finder.

On the same date, the company announced that it has received CAD 1,100,000 in its first tranche closing. The company issued 5,000,000 units to Marapharm Ventures Inc. (DB:2M0) in this tranche.