VANCOUVER, BRITISH COLUMBIA–(Marketwired – Nov. 17, 2017) –
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
Cannabix Technologies Inc. (CSE:BLO)(CSE:BLO.CN)(CNSX:BLO) (the “Company”) 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.
Cannabix Technologies Inc. is a leader in marijuana breathalyzer development for law enforcement and the workplace. Cannabix has established breath testing technologies in the pursuit of bringing durable, portable hand-held tools to market to enhance detection of marijuana impaired driving offences on roads at a time when marijuana is becoming legal in many global jurisdictions. Cannabix is working to develop drug-testing devices that will detect THC- the psychoactive component of marijuana that causes intoxication- using breath samples. In Particular, Cannabix is focused on developing breath testing devices for detection of recent use of THC, in contrast to urine testing for THC metabolite that requires an invasive collection and reflects use days or even weeks earlier. The devices will also be useful for other practical applications such as testing employees in the workplace where intoxication by THC can be hazardous.
We seek Safe Harbour.
On behalf of the Board of Directors of Cannabix
Rav Mlait, CEO & Director
Cannabix Technologies Inc.
Caution Concerning Forward‐Looking Statements
This press release contains forward-looking information that involves various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company, such as closing of the Offering, use of proceeds of the Offering, receipt of all regulatory approvals to complete the Offering, as well as final development of a commercial or prototype product(s), successful trial or pilot of company technologies, no assurance that commercial sales of any kind actually materialize; no assurance the Company will have sufficient funds to complete product development. There are numerous risks and uncertainties that could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information, including: (i) adverse market conditions; (ii) risks regarding protection of proprietary technology; (iii) the ability of the Company to complete financings; (iv) the ability of the Company to develop and market its future product; and (v) risks regarding government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition and other factors which may be identified from time to time in the Company's public announcements and filings. There is no assurance that the marijuana breathalyzer business will provide any benefit to the Company, and no assurance that any proposed new products will be built or proceed. There is no assurance that existing “patent pending” technologies licensed by the Company will receive patent status by regulatory authorities. The Company is not currently selling commercial breathalyzers. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not intend to update these forward-looking statements.
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