The proceeds from the Private Placement will be used for:
- Canntab's expansion through its wholly owned US subsidiary
Canntab USA, Inc. into theState of Florida jointly with Exactus Inc. for the manufacture of a CBD hard pill (non-THC) in formulations for sale and distribution acrossthe United States . - A trial with the
University of British Columbia to research the effect of opioid sparing high formulation with Canntab's bi-layered CBD/THC controlled release formulations for post-operative pain care. - Clinical 3-way crossover blood level study to further the Company's research of its solid oral dose formulations, including extended release, immediate release, and multi-particulate formulations.
- Expansion of the Company's facility in
Markham, Ontario Canada . - Chemistry analysis and third-party testing of products for New Cannabis Product applications for
Health Canada . - Manufacturing inputs needed to build inventory of products for sale and distribution.
- General working capital purposes.
"We accomplished the goals that we set out for ourselves almost 2 years ago, and we are now at the doorstep for the full-scale manufacturing and distribution of our innovative medical cannabis solutions. The proceeds from this private placement will strengthen our balance sheet (which remains without any long term debt) and will allow us to take advantage of the opportunities we've cultivated, and will establish Canntab as the premiere solution for medical cannabis in
In connection with the Private Placement, the Company may pay finder fees of up to 7% of the gross proceeds and issue finder warrants of up to 7% of the Units sold, and each being exercisable for one common share at a price of
About
On
Additionally, Canntab has applied for its Cannabis Research Licence in
Canntab trades on the Canadian Securities Exchange under the symbol PILL, on the OTCQB under the symbol CTABF, and on the
Forward Looking Information
This news release contains statements that may constitute "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information may include, among others, statements regarding the future plans, costs, objectives or performance of the Company, or the assumptions underlying any of the foregoing. In this news release, words such as "may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate" and similar words and the negative form thereof are used to identify forward-looking statements. In this news release, forward-looking statements relate, among other things, to: the expected completion of the Private Placement and the timing thereof, the anticipated granting of Licensed Producer Status to the Company by
Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur. Forward-looking information is based on information available at the time and/or management's good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Company's control. These risks, uncertainties and assumptions include, but are not limited to the Company being able to source sufficient investors to complete the Private Placement on the timeline indicated or at all,
View original content to download multimedia:http://www.prnewswire.com/news-releases/canntab-announces-non-brokered-private-placement-301000540.html
SOURCE
© Canada Newswire, source