Cannbit Pharmaceuticals Ltd (TASE:CNBT) announced a private placement of 1,590,056 shares to be issued at a price of ILS 7.250059 per share for gross proceeds of ILS 11,528,000 on May 25, 2020. The transaction has been approved by the company's board of directors. The transaction will include participation from 11 investors, including a large institutional body, Avinoam Sapir, Chief Executive Officer of the company, and his family. The shares to be issued in the transaction are subject to a six month hold period.