The Company announces that the Company intends to complete a private placement of up to 6,666,667 units at a price $0.15 per unit for total proceeds of up to $1,000,000. Each unit will consist of one common share of the Company and one non-transferable share purchase warrant. Each warrant will be exerciseable to purchase an additional common share at a price of $0.30 per share for a period of two years from closing of the private placement.
The Company will pay commissions of 5% to registered investment dealers and brokers or to finders in jurisdictions where permitted by law.
With the completion of the development program well in sight, the Company is turning its attention to the next important steps in order to fulfill its full potential. To this end, the Company will use the funds to expand R&D to plan for manufacturing and production of Cannabis cells powder based on the breakthrough biofarming technology. In addition, the Company wishes to reinforce its business development activities to reach potential customers and partners.
About Canna-V-cell Sciences Inc.
Based in Vancouver BC, Canna-V-Cell Sciences Inc. (CNVC) is the exclusive Cannabis worldwide licensee of the proprietary and patent protected BioHarvest technology. It is the first and only industrial large-scale plant cell growth technology capable of directly and constantly producing the active plant ingredients without the necessity to grow the plant itself. By adopting this technology and building adequate cells production capacity, Canna-V-Cell’s objective is to become the leading supplier of Cannabis for both the medicinal and recreational legal use.
Canna-V-Cell Sciences Inc.
Dr. Zaki Rakib
For further information, please contact:
Dave Ryan, President & Director
Phone: 1 (604) 622-1186
Forward-Looking Statements Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management’s current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. The Company cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond the Company’s control. Such factors include, among other things, risks and uncertainties relating to the fact that the Company would require additional funds in order to construct a commercial biochamber facility and risks related to the adaption of the BioHarvest technology to cannabis. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.
Neither Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release