Health sciences company, PreveCeutical Medical Inc. (CSE:PREV) announced today that it expects its previously-announced C$4mln non-brokered private placement 2018 will be oversubscribed due to higher-than-expected investor demand.
The company said the offering will be increased up to $8mln in gross subscription proceeds.
Funds raised will help fund the company's research and development programs and for general working capital purposes.
The company recently announced a stock split, which was on the basis of five new shares for each one existing (5:1).
Shares of Preveceutical were down 6.25% at C$0.08 on Monday.