News Releases

Cannabix Technologies Inc. Closes Bought Deal Private Placement & Concurrent Non-Brokered Private Placement

December 7, 2017

Vancouver, British Columbia, December 7, 2017 – Cannabix Technologies Inc. (CSE: BLO) (the “Company”) is pleased to announce that it has closed its private placement of 4,000,000 units (“Units”) of the Company at a price of $1.15 per Unit (the “Offering Price”), for aggregate gross proceeds of $4.6 million (the “Offering”). Each Unit consists of one common share of the Company (a “Common Share”) and one common share purchase warrant, each warrant entitling the holder to purchase one additional Common Share at an exercise price of $1.60 for a period of three years following closing. The Offering was underwritten by Cormark Securities Inc. (the “Underwriter”), which exercised in full its option to purchase up to an additional 500,000 Units at the Offering Price.
In connection with the Offering, the Underwriter received a cash commission of $276,000 and 240,000 broker warrants (the “Broker Warrants”), each Broker Warrant entitling the holder to purchase one Unit at the Offering Price for a period of two years following closing.
In addition, the Company is pleased to announce that it has closed a concurrent non-brokered private placement (the “Concurrent Private Placement”) of 850,000 units at the Offering Price, for aggregate gross proceeds of $977,500. The units issued pursuant to the Concurrent Private Placement were issued on substantially the same terms as the Units issued under the Offering.
The Company intends to use the net proceeds from the Offering and the Concurrent Private Placement to fund research and development related to its cannabis breathalyzer technologies and for working capital and general corporate purposes.
All securities issued in connection with the Offering and the Concurrent Private Placement are subject to a statutory hold period expiring four months and one day after December 7, 2017.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state laws and may not be offered or sold in the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or unless an exemption from such registration is available. 

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.