Cannabix Technologies Closes Non-Brokered Financing
March 14, 2016
Vancouver, British Columbia, March 14, 2016 -- Cannabix Technologies Inc. (CSE: BLO) (OTC PINK: BLOZF) (the “Company”) is pleased to announce that it has closed its previously announced, oversubscribed, non-brokered private placement for gross proceeds of $2,082,004 through the sale of 13,880,025 Units. Each Unit is comprised of one common share ("Common Share") at $0.15 cents, and one non-transferable common share purchase warrant ("Warrant") exercisable at $0.25 cents per common share for a period of 24 months from the date of closing. All warrants are subject to an early acceleration provision which provides for the mandatory exercise or expiry of the Warrants in the event Cannabix’s shares close at $0.30 or higher for at least 10 consecutive trading days. In such event, the Warrants will accelerate and expire 30 days after the Company has given notice of the accelerated conversion to the Warrant holders.
All of the securities issued in the private placement will be subject to a securities law hold period of 4 months and a day. In connection with the private placement, the Company paid a cash or shares finder's fee of up to 8% and 8% broker warrants which are exercisable at $0.25 cents per common share for a period of 24 months from the date of closing. The proceeds of the private placement will be used for the development of the Company’s marijuana breathalyzer and for working capital purposes.
The information in these press releases is historical in nature, has not been updated, and is current only to the date indicated in the particular press release. This information may no longer be accurate and therefore you should not rely on the information contained in these press releases. To the extent permitted by law, Cannabix Technologies Inc. and its employees, agents and consultants exclude all liability for any loss or damage arising from the use of, or reliance on, any such information, whether or not caused by any negligent act or omission.