Tuesday, December 05, 2017 10:17:00 AM
Date: for Dec 5, 2017
During the month, the Company issued the following shares in relation to warrant exercises: 1,673,167 shares were issued in relation to a warrant and stock option exercises.
During the month, the Company announced that it has entered into an agreement with Cormark Securities Inc. (the “Underwriter”) pursuant to which the Underwriter has agreed to purchase 3,500,000 units (“Units”) of the Company on a bought deal private placement basis at a price of $1.15 per Unit (the “Offering Price”), for gross proceeds of $4.02 million (the “Offering”). Each Unit shall consist of one common share (a “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% of the Offering at the Offering Price exercisable, in whole or in part, at any time up the closing of the Offering. In addition, the Company intends to complete a concurrent non-brokered private placement of 850,000 Units at the Offering Price for aggregate gross proceeds of $977,500 (the "Concurrent Private Placement"). The Units issuable pursuant to the Concurrent Private Placement will be on the same terms as those issuable pursuant to the Offering.
http://thecse.com/sites/default/files/Cannabix_Monthly_Progress_Report_Dec_5_2017.pdf
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