GLOBAL CANNABIS APPLICATIONS CLOSES PRIVATE PLACEMENT
Vancouver, British Columbia, Canada, November 16, 2017 – Global Cannabis Applications Corp. (“GCAC” or the “Company”) (CSE:APP, FWB:2FA, OTCQB:FUAPF), a leading developer of innovative data technologies for the cannabis industry, announces it has closed a non-brokered private placement offering (the “Private Placement”).
Pursuant to the Private Placement, the Company has issued 2,300,000 units at a price of $0.10 per unit for gross proceeds of $230,000. Each unit consists of one common share and one common share purchase warrant, whereby each warrant entitles the holder to purchase one additional common share of the Company for a period of two years from closing at an exercise price of $0.13 per common share.
Proceeds from the Private Placement will be used for general working capital and corporate purposes and all securities issued in connection with the Private Placement are subject to a statutory hold period of four months from the date of issuance.
A director and officer of the Company participated in the Private Placement by purchasing an aggregate of 200,000 units. Accordingly, the Private Placement constituted to that extent a related party transaction as defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, as neither the fair market value of any shares issued to, nor the consideration paid by such person, exceeded 25% of the Company’s market capitalization. Further, neither the Company nor the related party has knowledge of any material information concerning the Company or its securities that has not been generally disclosed. The material change report in connection with the Private Placement was not filed 21 days in advance of the closing of the Private Placement for the purposes of Section 5.2(2) of MI 61-101 on the basis that the subscriptions under the Private Placement were not available to the Company until shortly before the closing.
About Global Cannabis Applications Corp.
Global Cannabis Applications Corp. is a global leader in designing, developing, marketing, and acquiring innovative data technologies for the cannabis industry. The Citizen Green platform is the world’s first endto-end – from patient to regulator – medical cannabis data solution. It uses six core technologies: mobile applications, artificial intelligence, reg tech, smart databases, blockchain and digital reward tokens, to qualify candidates for clinical studies. These technologies facilitate the proliferation of digital conversations by like-minded people in medical cannabis. Managed by digital and cannabis industry experts, GCAC is focused on viral global expansion by providing the best digital experience in the cannabis market.
For more information about the Company, please visit online at www.cannappscorp.com or review its profiles on the SEDAR website (www.sedar.com) and on the Canadian Securities Exchange’s website (www.thecse.com).
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