FPS Pharma Inc. (OTCPK:FPSU.F) announced a non-brokered private placement of 12,350,000 subscription receipts at a price of CAD 0.05 per share for gross proceeds of CAD 617,500 on December 27, 2017. The subscription funds will be held in escrow until, among other things, the company has received all required approvals including, without limitation, the conditional approval of the listing of the common shares of the company on the Canadian Securities Exchange. If the release conditions have not been satisfied on or before February 28, 2018, the subscription funds will be returned to the subscribers. Upon satisfaction of the release conditions, each subscription receipt will be automatically exchanged, without payment of any additional consideration or further action on the part of the subscriber, for one common share and one share purchase warrant of the company and the subscription funds will be released to the company. Each warrant entitles the holders thereof to purchase one common share at an exercise price of CAD 0.10 per common share for two years from the date of issuance of the warrants.