Cannabix Technologies Inc. Announces $3.45 Million Bought Deal Private Placement
November 17, 2017
Vancouver, British Columbia, November 17, 2017 -- Cannabix Technologies Inc. (CSE: BLO) (the “Company or Cannabix”) is pleased to announce that it has entered into an agreement with Cormark Securities Inc. (the “Underwriter”) pursuant to which the Underwriter has agreed to purchase 3,000,000 units (“Units”) of the Company on a bought deal private placement basis at a price of $1.15 per Unit (the “Offering Price”), for gross proceeds of $3.45 million (the “Offering”). Each Unit shall consist of one common share (a “Common Share”) of the Company and one common share purchase warrant. Each warrant will entitle the holder thereof to purchase one Common Share at a price equal to $1.60 for a period of 36 months following Closing.
In addition, the Company has granted the Underwriter an option to purchase up to an additional 15% of the Offering at the Offering Price exercisable, in whole or in part, at any time up the closing of the Offering.
The Offering is scheduled to close on December 7, 2017 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the Canadian Securities Exchange.
The Company intends to use the funds for research and development purposes related to its cannabis breathalyzer technologies, working capital and general corporate purposes.
This press release is not an offer or a solicitation of an offer of securities for sale in the United States. The securities described herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), and may not be offered or sold in the United States unless registered under the U.S. Securities Act or unless an exemption from registration is available.
Not For Distribution To United Stated Newswire Services Or For Dissemination In The United States And Does Not Constitute An Offer In The United States Of The Securities Described Herein.
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.