News Releases

Cannabix Technologies Inc. Announces Upsize of Previously Announced Bought Deal Private Placement to and Concurrent Non-Brokered Private Placement

November 17, 2017

Vancouver, British Columbia, November 20, 2017 -- Cannabix Technologies Inc. (CSE: BLO) (OTC PINK: BLOZF) (the “Company or Cannabix”) is pleased to announce that it has amended its agreement with Cormark Securities Inc. (the "Underwriter") and has agreed to increase the size of its previously announced $3.45 million "bought deal" private placement offering. Pursuant to the upsized deal terms, the Underwriter has agreed to purchase, on a "bought deal” basis, 3,500,000 units ("Units") in the capital of the Company, at a price of $1.15 per Unit (the "Offering Price") for aggregate gross proceeds of $4,025,000 (the "Offering"). Each Unit will consist of one common share (each a “Common Share”) of the Company and one Common Share purchase warrant of the Company. Each Common Share purchase warrant (a “Warrant”) will entitle the holder thereof to purchase one Common Share at a price equal to $1.60 per Common Share for a period of 36 months following closing of the Offering.
The Company has granted the Underwriter an option (“Underwriter’s Option”), exercisable in whole or in part at any time prior to the closing date of the Offering, to purchase up to an additional 500,000 Units at the Offering Price. In the event that the Underwriter’s Option is exercised in its entirety, the aggregate gross proceeds of the Offering shall be $4,600,000.
In addition, the Company intends to complete a concurrent non-brokered private placement of 850,000 Units at the Offering Price for aggregate gross proceeds of $977,500 (the "Concurrent Private Placement"). The Units issuable pursuant to the Concurrent Private Placement will be on the same terms as those issuable pursuant to the Offering.
The Company intends to use the net proceeds from the Offering and Concurrent Private Placement for research and development purposes related to its cannabis breathalyzer technologies, working capital and general corporate purposes.
Closing of the Offering and Concurrent Private Placement is expected to occur on or about 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 and any applicable securities regulatory authorities. 
This press release shall not constitute an offer to sell or solicitation of an offer to buy the securities in any jurisdiction. The common shares will not be and have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for account or benefit of, U.S. persons, absent registration or applicable exemption from the registration requirements. Any public offering of securities in the United States must be by means of a prospectus containing detailed information about the Company and management as well as financial statements.

Not For Distribution To U.S. Newswire Services Or Dissemination In The United States.

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.