VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 14, 2016) - Cannabix Technologies Inc. (CSE:BLO)(OTC PINK:BLOZF) (the "Company") is pleased to announce that it has closed its previously announced, oversubscribed, non-brokered private placement for gross proceeds of $2,082,004 through the sale of 13,880,025 Units. Each Unit is comprised of one common share ("Common Share") at $0.15 cents, and one non-transferable common share purchase warrant ("Warrant") exercisable at $0.25 cents per common share for a period of 24 months from the date of closing. All warrants are subject to an early acceleration provision which provides for the mandatory exercise or expiry of the Warrants in the event Cannabix's shares close at $0.30 or higher for at least 10 consecutive trading days. In such event, the Warrants will accelerate and expire 30 days after the Company has given notice of the accelerated conversion to the Warrant holders.
All of the securities issued in the private placement will be subject to a securities law hold period of 4 months and a day. In connection with the private placement, the Company paid a cash or shares finder's fee of up to 8% and 8% broker warrants which are exercisable at $0.25 cents per common share for a period of 24 months from the date of closing. The proceeds of the private placement will be used for the development of the Company's marijuana breathalyzer and for working capital purposes.
We seek Safe Harbor.
On behalf of the Board of Directors
Rav Mlait, CEO
Cannabix Technologies Inc.
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking information that involves various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company, such as final development of a commercial or prototype product(s), successful trial or pilot of company technologies, no assurance that commercial sales of any kind actually materialize; no assurance the Company will have sufficient funds to complete product development. There are numerous risks and uncertainties that could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information, including: (i) adverse market conditions; (ii) risks regarding protection of proprietary technology; (iii) the ability of the Company to complete financings; (v) the ability of the Company to develop and market its future product; and (vi) risks regarding government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition and other factors which may be identified from time to time in the Company's public announcements and filings. There is no assurance that the marijuana breathalyzer business will provide any benefit to the Company, and no assurance that any proposed new products will be built or proceed. There is no assurance that existing "patent pending" technologies licensed by the Company will receive patent status by regulatory authorities. The Company is not currently selling commercial breathalyzers. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not intend to update these forward-looking statements.