Tauriga Sciences, Inc. (OTC PINK: TAUG), a company engaged in building businesses in the life sciences space, today announced that it has secured $210,000 in long term financing from an existing institutional investor. Under terms of the financing agreement, the Company received $30,000 USD upon signing with the balance of $180,000 being deferred until after March 11, 2018. The financing structure consists of one $30,000 convertible debenture with 6 distinct $30,000 "Back End" convertible debentures which are eligible to be funded at any time between March 11, 2018 -- September 11, 2018. A detailed disclosure of the material terms of this financing agreement will be provided to shareholders on Form 8-K to be filed by the Company within the next few business days.
The purpose of this financing structure is to ensure the Company has sufficient working capital, six months from now, should the outcome of the lawsuit be appealed by the Defendants. The lawsuit, filed against the Company's predecessor audit firm, is scheduled for Trial at 10:00am EST November 14, 2017 (Federal District Court New Jersey).
Recently the Company filed its Expert Report with the Court, that opined that Tauriga suffered losses of at least $3,995,000 from the improper actions of the Defendants ("Cowan Gunteski & Co. P.A. et al")
Commenting on the financing, Tauriga's CEO Seth M. Shaw expressed, "The Company is taking the responsible steps, at this time, to prepare for all potential outcomes that could result from the upcoming Trial -- November 2017. The Company believes that the terms of this long term financing structure are both beneficial to shareholders and mindful of dilution. Management remains committed to building a successful long term future for the many shareholders who have supported the Company over the years."
ABOUT TAURIGA SCIENCES, INC.
Tauriga Sciences, Inc. (OTC PINK: TAUG ) is engaged in building life sciences company through the development, marketing, distribution and potential licensing of a broad array of products and technologies. The Company is presently focused on its upcoming contemplated launch of a Cupacu Butter based lip balm product branded under the name: Herman. The Company has previously disclosed that it plans to launch this product to the retail marketplace during mid-late Autumn of 2017. The Company believes that one of its most important strengths is its access to and relationships with potentially substantial distribution systems and networks. The Company intends to capitalize on distribution opportunities and will continually update shareholders on such developments. The Company is also prosecuting (as Plaintiff) its ongoing malpractice lawsuit against its predecessor audit firm, for which it's seeking monetary damages in excess of $4,500,000.
