Cannasat Therapeutics Inc. Announces Closing of Private Placement
CNNMatthews, April 25, 2022
TORONTO, ONTARIO - Cannasat Therapeutics Inc. (CTH - TSXV) ("Cannasat") is pleased to announce that it has closed a non-brokered private placement (the "Private Placement") of units ("Units").
Cannasat issued an aggregate of 3,790,226 Units at a price of C$0.22 per Unit raising gross proceeds of C$833,849.90. Each Unit consists of one common share one ½ share purchase warrant. Each whole share purchase warrant entitles the holder to acquire one common share at a price of $0.30 for a period ending on the earlier of 18 months from the closing date and a period ending 20 days after prior written notice from Cannasat that the closing price of its shares on the principal stock exchange of Cannasat has been at least $0.50 per share for 20 consecutive trading days. The common shares issued under the Private Placement are subject to a hold period of four months expiring on August 26, 2007.
The proceeds from the offering will be used to fund Cannasat’s ongoing research and development as well as working capital and general corporate activities.
Cash commissions in the total amount of $44,060 were paid in connection with subscribers for Units, as well as 275,704 non-transferrable broker warrants. Each broker warrant entitles the holder to acquire one share at an exercise price of $0.22 per share and shall otherwise be exercisable on the same terms as the warrants.
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.
About Cannasat Therapeutics
Cannasat Therapeutics Inc. 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.
Contact Information
Cannasat Therapeutics Inc.
Andrew Williams
Chief Operating Officer
W: (416) 703-2449 (Ext. 253)
F: (416) 703-8752
[email protected]
www.cannasat.com
TSXV Trading Symbol: CTH
