Canntab Announces Non-Brokered Private Placement


Ryan Allway

February 9th, 2020

News


TORONTO , Feb. 6, 2020 /CNW/ – Canntab Therapeutics Limited (CSE:PILL.CN)(OTCQB:CTABF) (FRA:TBF1.F) (the “Company” or “Canntab“), the leading innovator in cannabinoid and terpene blends in hard pill form for therapeutic application, is pleased to announce that it is launching a private placement (the “Private Placement“) of up to $2.5 million of units (“Units“), subject to the Company’s over-allotment option to increase the size of  the Private Placement by up to an additional $1.5 million , at a price of $0.50 per Unit, with each Unit consisting of one common share and one full warrant to acquire an additional common share at a price of $0.75 per share for a period of two years. Canntab expects to close the Private Placement on or before February 20 th, 2020.

Canntab Therapeutics Limited (CNW Group/Canntab Therapeutics Limited)

The proceeds from the Private Placement will be used for:

  • Canntab’s expansion through its wholly owned US subsidiary Canntab USA , Inc. into the State of Florida jointly with Exactus Inc. for the manufacture of a CBD hard pill (non-THC) in formulations for sale and distribution across the 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 Canada , and across the world”, said Jeffrey Renwick , CEO of Canntab.

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 $0.50 for a period of two years.

About Canntab Therapeutics

On December 23 rd, Health Canada confirmed receipt of Canntab’s Site Evidence Package, to begin the final process for Canntab to obtain LP Status for its Markham, Ontario Facility.

Canntab Therapeutics Ltd. is a Canadian company with operations in Canada and shortly also in the United States . Upon our receipt of LP Status from Health Canada, Canntab will begin full-scale manufacturing of its suite of precision oral dose products that are unavailable elsewhere in the marketplace, namely, formulations in multiple doses and time release combinations. Canntab has established a wholly owned American subsidiary which will operate Canntab’s manufacturing and distribution business in the United States . Canntab’s proprietary hard pill medical cannabis formulations will provide doctors, patients and consumers with medical grade solutions which incorporate all the features one would expect from any prescription or over the counter medication sold in Canadian pharmacies.

Additionally, Canntab has applied for its Cannabis Research Licence in Canada . The research licence will likely be acquired before Canntab obtains Licensed Producer status and will allow Canntab to receive oil, and to begin preparing product submissions to Health Canada, and to purchase machines for full scale manufacturing.

Canntab trades on the Canadian Securities Exchange under the symbol PILL, on the OTCQB under the symbol CTABF, and on the Frankfurt Stock Exchange under the symbol TBF1.

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 Health Canada, the anticipated granting Cannabis Research Licence to the Company by Health Canada, the Company’s intention to commence full-scale manufacturing of its suite of precision oral dose products, and its intention to operate a manufacturing and distribution business in the United States .

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, Health Canada finding the Company in compliance with all requirements needed to be granted Licensed Producer Status and a Cannabis Research Licence, the Company being able to commence operations, including full-scale manufacturing of its suite of precision oral dose products, and its intention to operate a manufacturing and distribution business in the United States , following the Private Placement and receipt of all applicable licences.  Accordingly, readers should not place undue reliance on the forward- looking statements and information contained in this news release. The Company does not intend, nor undertake any obligation, to update or revise any forward-looking information contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.


Network Partners

Follow Us on Social Media

About CFN Media Group

CFN Enterprises Inc. (OTCQB: CNFN) owns and operates CFN Media Group, the premier agency and financial media network reaching executives, entrepreneurs and consumers worldwide. Through its proprietary content creation, video library, and distribution via www.CannabisFN.com, CFN has built an extensive database of cannabis interest, assisting many of the world’s largest cannabis firms and CBD brands to build awareness and thrive. For more information, please visit www.cfnenterprisesinc.com.

Disclaimer: Matters discussed on this website contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. CFN Media Group, which owns CannabisFN, is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. CFN Media Group, which owns CannabisFN, may from time-to-time have a position in the securities mentioned herein and will increase or decrease such positions without notice. The Information contains forward-looking statements, i.e. statements or discussions that constitute predictions, expectations, beliefs, plans, estimates, or projections as indicated by such words as "expects", "will", "anticipates", and "estimates"; therefore, you should proceed with extreme caution in relying upon such statements and conduct a full investigation of the Information and the Profiled Issuer as well as any such forward-looking statements. Any forward looking statements we make in the Information are limited to the time period in which they are made, and we do not undertake to update forward looking statements that may change at any time; The Information is presented only as a brief "snapshot" of the Profiled Issuer and should only be used, at most, and if at all, as a starting point for you to conduct a thorough investigation of the Profiled Issuer and its securities and to consult your financial, legal or other adviser(s) and avail yourself of the filings and information that may be accessed at www.sec.gov, www.pinksheets.com, www.otcmarkets.com or other electronic sources, including: (a) reviewing SEC periodic reports (Forms 10-Q and 10-K), reports of material events (Form 8-K), insider reports (Forms 3, 4, 5 and Schedule 13D); (b) reviewing Information and Disclosure Statements and unaudited financial reports filed with the Pink Sheets or www.otcmarkets.com; (c) obtaining and reviewing publicly available information contained in commonlyknown search engines such as Google; and (d) consulting investment guides at www.sec.gov and www.finra.com. You should always be cognizant that the Profiled Issuers may not be current in their reporting obligations with the SEC and OTCMarkets and/or have negative signs at www.otcmarkets.com (See section below titled "Risks Related to the Profiled Issuers, which provides additional information pertaining thereto). For making specific investment decisions, readers should seek their own advice and that of their own professional advisers. CFN Media Group, which owns CannabisFN, may be compensated for its Services in the form of cash-based and/or equity-based compensation in the companies it writes about, or a combination of the two. For full disclosure, please visit: https://www.cannabisfn.com/legal-disclaimer/. A short time after we acquire the securities of the foregoing company, we may publish the (favorable) information about the issuer referenced above advising others, including you, to purchase; and while doing so, we may sell the securities we acquired. In addition, a third-party shareholder compensating us may sell his or her shares of the issuer while we are publishing favorable information about the issuer. Except for the historical information presented herein, matters discussed in this article contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. CFN Media Group, which owns CannabisFN, is not registered with any financial or securities regulatory authority, and does not provide nor claims to provide investment advice or recommendations to readers of this release. CFN Media Group, which owns CannabisFN, may from time to time have a position in the securities mentioned herein and will increase or decrease such positions without notice. For making specific investment decisions, readers should seek their own advice and that of their own professional advisers. CFN Media Group, which owns CannabisFN, may be compensated for its Services in the form of cash-based and/or equity- based compensation in the companies it writes about, or a combination of the two. For full disclosure please visit: https://www.cannabisfn.com/legal-disclaimer/.

Copyright © Accelerize Inc. · All Rights Reserved · Privacy Policy · Legal Disclaimer

loading