Tauriga Sciences Inc. Completes $105,500 USD Equity Private Placement With Accredited Individual Investors
NEW YORK, NY–(Marketwired – Apr 18, 2016) – Tauriga Sciences, Inc. (OTC PINK: TAUG) (“Tauriga” or the “Company”), a diversified life sciences technology Company, today announced that it has completed an equity private placement for $105,500 USD to date comprised of accredited individual investors as well as one institutional investor. The terms of this private placement are as follows: $0.004 per share of common stock with a related three year warrant for 40% of each share of common stock purchased and an exercise price of $0.01 per share. The warrants require the investors to pay cash to exercise the warrants and do not allow for cashless exercise.
For example, an investor who invested $10,000 USD in this financing round received 2,500,000 shares of common stock and the 1,000,000 warrant to purchase 1,000,000 shares of common stock at $0.01 for a period of three years. In aggregate, the Company issued 26,375,000 shares of common stock and warrants for an additional 10,550,000 shares of common stock as part of the financing. All shares issued and to be issued will be “restricted securities” as such term is defined by the Securities Act of 1933, as amended.
The proceeds from this private placement will be used for working capital purposes, most specifically to fund the Company’s ongoing litigation against Cowan Gunsteski Co. P.A., satisfy the financial obligations to Tauriga’s new auditor under the updated terms on the recently signed engagement letter, settle some additional outstanding obligations and establish new business opportunities for Pilus Energy LLC.
Tauriga’s CEO Mr. Seth M. Shaw expressed, “The Company is pleased to have completed this equity private placement which has provided Tauriga with the working capital requisite to expedite some important corporate initiatives. The Company continues to work diligently in its efforts to regain its status as a fully reporting Company and continues to make meaningful progress with respect to a number of other important goals.”
About TAURIGA SCIENCES, INC.:
Tauriga Sciences, Inc. (OTC PINK: TAUG) is a diversified life sciences company focused on generating profitable revenues through its present and future holdings. The mission of the Company is to acquire and build a diversified portfolio of cutting edge technology assets that is capital efficient and of significant value to the shareholders. The Company’s business model includes the acquisition of licenses, equity stakes, rights on both an exclusive and non-exclusive basis, and entire businesses. Management is firmly committed to building lasting shareholder value in the short, intermediate, and long terms. Please visit the Company’s corporate website at www.tauriga.com
This press release does not constitute an offer to sell or the solicitation of an offer to buy any of these securities, nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale is not permitted. Any securities offered or issued in connection with the above-referenced merger and/or investment have not been registered, and will be offered pursuant to an exemption from registration.
This release contains the Company’s forward-looking statements which are based on management’s current expectations and assumptions as of April 5, 2016, regarding the Company’s business and performance, its prospects, current factors, the economy and other future conditions and forecasts of future events, circumstances and results.
Tauriga Sciences, Inc.
Mr. Seth Shaw