News Release
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. ANNOUNCES $3.45 MILLION BOUGHT DEAL PRIVATE PLACEMENT
Vancouver, British Columbia, November 17, 2017 — Cannabix Technologies Inc. (CSE: BLO) (OTC PINK: BLOZF) (the “Company or Cannabix”) 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.
About Cannabix Technologies Inc
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 Harbor.
On behalf of the Board of Directors
“Rav Mlait”
CEO
Cannabix Technologies Inc.
For further information, contact the Company at info@cannabixtechnologies.com
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
