Dominick & Dominick Securities Inc. and Canaccord Capital Corporation are the Agents for this financing. In consideration for their services, the Agents will be paid a cash commission equal to 8% of the gross proceeds of the Offering, as well as broker warrants for 10% of the Units sold (up to 1,515,151 broker warrants, assuming that the Offering is fully subscribed). The broker warrants shall be exercisable for a period of 24 months from the closing date.
It is intended that the Offering will be made to "accredited investors" in the Provinces of Ontario, Alberta and British Columbia.
The Offering and closing of the financing is subject to regulatory approval from the TSX Venture Exchange Inc.
The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved of the contents of this release.
This news release contains forward-looking statements regarding the timing and content of upcoming programs and may be subject to regulatory approval. Actual results may differ materially from those currently anticipated in such statements. ABOUT CANNASAT THERAPEUTICS INC.
Cannasat Therapeutics is researching the therapeutic benefits of cannabis and developing new cannabinoid pharmaceutical products. Cannasat is pursuing two complementary business strategies. The first consists of development of novel cannabinoid-based pharmaceutical products through application of drug delivery technologies to be introduced to the market through the traditional regulatory drug approval process. The second is to promote medicinal cannabis research and education with Cannasat's business partner, Prairie Plant Systems Inc., the only government licensed grower and distributor of medicinal cannabis in Canada.
For further information
Cannasat Therapeutics Inc., Andrew Williams, Vice President, Operations, T: (416) 703-2449 (ext. 253), F: (416) 703-8752, E-mail: awilliams@cannasat.com
Source: Cannasat Therapeutics Inc.