Cannasat Therapeutics Inc. Announces New Terms for a Private Placement Financing
CNNMatthews, July 21, 2022
TORONTO, ONTARIO--(CCNMatthews - July 21, 2022) - Cannasat Therapeutics Inc. (TSX VENTURE:CTH) ("Cannasat") announced today that due to market conditions it has revised its proposed financing previously announced on June 6, 2006.
Cannasat is proceeding with a non-brokered private placement of Units at a price of C$0.20 per Unit (the "Offering"). Each Unit will consist of one common share and one-half of one share purchase warrant. Each whole share purchase warrant shall entitle the holder to acquire one common share at a price of $0.30 for a period of 24 months from the closing date. The minimum Offering is $650,000 (3,250,000 Units) and the maximum Offering is $1,000,000 (5,000,000 Units). Subscription agreements and certified cheques will be accepted no later than 4:00 pm on July 31, 2006.
The proceeds from the offering will be used to fund Cannasat's ongoing research and development activities as well as working capital and general corporate services.
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 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.
For more information please contact:
Cannasat Therapeutics Inc.
Andrew Williams
Vice President, Operations
W: (416) 703-2449 (Ext. 253)
F: (416) 703-8752
[email protected]
www.cannasat.com
The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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