Cannasat Therapeutics Announces Private Placement
Marketwire, April 7, 2022
/NOT FOR DISTRIBUTION TO UNITED STATES NEWS SERVICES OR DISSEMINATION/
TORONTO, CANADA – Cannasat Therapeutics Inc. (“Cannasat”) (CTH: TSX-V) today announced it intends to raise gross proceeds of up to CDN$2,500,000 through a brokered private placement of units (each a “Unit”) at a price of $0.10 per Unit (the “Offering”). Each Unit will consist of one common share in the capital of Cannasat and one-half of one common share purchase warrant of Cannasat (each whole common share purchase warrant, a “Warrant”). Each Warrant shall entitle the holder to acquire one common share of Cannasat at a price of $0.125 for a period ending 24 months from the date of closing of the Offering.
Cannasat has retained Wellington West Capital Inc. (the “Agent”) to act as lead placement agent.
The proceeds from the Offering will be used to fund Cannasat’s ongoing research and development activities, the search for an additional drug candidate, and for working capital purposes.
The Offering will be made to “accredited investors” in the Provinces of Alberta, British Columbia, Manitoba, Ontario, Quebec and Saskatchewan and such other jurisdictions agreed upon by Cannasat and the Agent.
The Offering and closing of the financing is subject to regulatory approval from the TSX Venture Exchange Inc.
The securities being issued in the private placement are all subject to a four-month hold period in accordance with applicable Canadian securities laws. The securities have not been registered under the U.S. Securities Act of 1933, as amended, or any state securities laws and, until so registered, may not be offered or sold in the United States or any state or to, or for the account of, U.S. persons absent registration or an applicable exemption from registration requirements. This release does not constitute an offer for sale of securities in the United States.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About Cannasat Therapeutics
Cannasat is a specialty clinical development pharmaceutical company targeting diseases of the brain. Cannasat has a lower risk Parkinson’s drug candidate, which is a reformulation of an approved drug that can address a moderate to severe patient population. Cannasat also has a proprietary formulation technology for cannabinoid drug candidates, which may be used to treat neuropathic pain associated with multiple sclerosis and cancer, as well as for nausea/vomiting and appetite stimulation. Cannasat's strategy is to grow its portfolio of drug candidates through in-licensing and acquisitions, and to advance projects to Phase 2 proof-of-concept clinical studies. Once the drug candidates are sufficiently derisked, Cannasat intends to out-license the programs to the appropriate Pharma marketing partners for a combination of upfront, milestone, and royalty payments. More information about Cannasat (CTH: TSX-V) is available at www.cannasat.com.
Contact Information
Cannasat Therapeutics Inc.
Andrew Williams
COO/CFO
W: (416) 703-2449 (Ext. 253)
F: (416) 703-8752
[email protected]
Forward Looking Statements
This press release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Cannasat to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks and uncertainties relating to Cannasat’s business disclosed under the heading “Risk Factors” in Cannasat's current Annual Information Form and its other filings with the various Canadian securities regulators which are available online at www.sedar.com. Although Cannasat has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Cannasat does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.
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