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news.Cannasat Therapeutics, a clinical stage pharmaceutical company, has announced that it intends to conduct a non-brokered private placement of up to six million units of Cannasat at a price of $0.10 per unit, for aggregate gross proceeds of up to $600,000.
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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 $0.15 for a period of 24 months from the date of closing of the offering.
The proceeds from the offering will be used to fund Cannasat’s ongoing CAT 310 and CAT 320 R&D activities as well as working capital and general corporate services.
It is intended that 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.