Pivot Pharmaceuticals Inc. (CSE: PVOT) (OTCQB: PVOTF) (FRA: NPAT) is pleased to announce that it has closed a non-brokered financing consisting of a Private Placement and Loan Facility for a total of C$1,100,000 and has used the proceeds to reduce its outstanding debt obligations by $750,000.  The term of the outstanding 10% senior secured convertible debentures originally due March 2, 2019 has been extended by a period of 3 months to June 1, 2019.

Private Placement

The Company issued 4,000,000 units at a price of C$0.20 per Unit for gross proceeds of C$800,000. Each Unit consists of one common share and one common share purchase warrant. Each Warrant is exercisable for one Common Share for a period of three years from the date of issuance at an exercise price of C$0.30. The Common Shares and Warrants will be subject to resale restrictions for a period of four months and one day from the date of issuance. In connection with the closing of the Private Placement, a finder received cash commission of $88,000.

Loan Facility

The Company entered into a Loan Agreement for C$300,000, bearing interest at 10% per annum and maturing on September 4, 2019.  100,000 common shares will be issued as a Loan Origination Fee.

Partial Debt Settlement

The Company has settled C$750,000 of its outstanding 10% senior secured convertible debentures due March 2, 2019 and has extended the remaining portion of the Debenture for a further 90 days without interest. As part of the satisfaction of extending the term on the remaining $2,750,000 of debt, the Company paid an extension fee of $250,000.

About Pivot Pharmaceuticals Inc.

Pivot Pharmaceuticals Inc. is a biopharmaceutical company engaged in the development and commercialization of therapeutic pharmaceuticals and nutraceuticals using innovative drug delivery platform technologies. Pivot’s wholly-owned medical cannabis products division, Pivot Green Stream Health Solutions Inc. (“PGS” or “Pivot Green Stream”), conducts research, development and commercialization of cannabinoid-based nutraceuticals and pharmaceuticals. Pivot’s wholly-owned U.S. subsidiary, Pivot Naturals, LLC, based in Costa Mesa, California, will manufacture and supply finished powderized cannabis products such as food additives, capsules, bulk powder and stick packs to the California market. PGS has acquired “RTIC” Ready-To-Infuse Cannabis oil-to-powder technology and Thrudermic Transdermal Nanotechnology (transdermal); acquired worldwide rights to BiPhasix™ Dermal Drug Delivery platform technology (topical), Solmic Solubilisation technology (oral), and Solumer™ Oral Drug Delivery technology; and an option to acquire worldwide rights to TriVair™ Nasal and Pulmonary Breath-Propelled Drug Delivery Systems™ for the delivery and commercialization of cannabinoid, cannabidiol (CBD), and tetrahydrocannabinol (THC)-based products.