Canna-V-Cell Sciences Inc. (the “Company”) (CSE:CNVC) announced that it has closed its 6,666,667 units private placement financing (the “Private Placement Financing”) as disclosed in its news release dated August 12, 2019 as amended August 14, 2019 by issuing 6,666,667 units at a price of $0.15 per unit for gross proceeds of $1,000,000. Net $985,074.25 after payment of commissions and finder’s fees totaling $ 14,925.75.
The securities issued under the private placement will be subject to a hold period expiring four months and one day from the date of issuance pursuant to applicable Canadian securities laws.
Each unit consists 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 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 CEO
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.