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Cannabics Pharmaceuticals Raises $3,000,000 in Capital Raise Transaction

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Cannabics Pharmaceuticals Raises $3,000,000 in Capital Raise Transaction

Shared by: THCbiz.com

Cannabics Pharmaceuticals Inc. (CNBX) today announced it has entered into a securities purchase agreement with D-Beta One EQ, Ltd. (“D-Beta”). D-Beta will purchase 3,000,000 shares of common stock (the “Purchased Shares”) at a purchase price of $1.00 per share, for aggregate proceeds of $3.0 million and may purchase up to an additional 1,500,000 shares of common stock (the “Additional Shares”) at a purchase price of $2.00 per share over the next 12 months. No warrants are associated with this transaction.

Pursuant to the Purchase Agreement, Cannabics Pharmaceuticals is required to register all shares previously acquired by D-Beta or its affiliates, the Purchased Shares, and the Additional Shares.

“This capital raise transaction will help us continue our efforts to create anti-cancer treatments based on natural cannabis medicine, as well as assist us in our strategy to penetrate into more territories, making our vision accessible to cancer patients everywhere,” said Itamar Borochov, CEO of Cannabics Pharmaceuticals. “D-Beta has been supportive of our growth strategy as an existing shareholder, and we are gratified to continue our relationship.”

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