MetaStat, Inc. (OTCPK:MTST) announced that it has entered into a subscription agreement for a private placement of up to 2,000 units at $10,000 per unit for gross proceeds of $20,000,000 on August 31, 2016. Each unit will consist of 5,000 common shares having a par value of $0.0001 per share at an effective price of $2.00 per share and warrant to purchase 2,500 common shares at a price of $3 per share for a period of five years. The company will issue securities pursuant to exemption provided under Regulation D. Certain securities may be issued in exchange of conversion of debt. The transaction is expected to close until September 30, 2016, subject to an extension for up to an additional 30-day period. On the same day, the company issued 8.75 units for gross proceeds of $87,500 in its first tranche from a single investor. The company paid placement agent fees and other offering expenses of $14,875 and receive net proceeds of $72,625 in its first tranche.