Cannabix Technologies (BLO-Cse) Nov 17, '17 has entered into an agreement with Cormark Securities Inc., pursuant to which the underwriter has agreed to purchase three million units of the company on a bought deal private placement basis at a price of $1.15 per unit for gross proceeds of $3.45-million. Each unit shall consist of one 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 per cent 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 Dec. 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.
About Cannabix Technologies Inc.
Cannabix Technologies 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.
cannabixtechnologies.com |
