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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).
The researchers at Western University, the Company’s scientific collaboration team, have developed a very unique formulation involving cannabis and other botanical extracts. Western University’s Dr. Laviolette said, “We are pleased to report significant progress on our ongoing projects with Algae Dynamics.