(via TheNewswire)
Vancouver, British Columbia / TheNewswire / Canada, July 18, 2018 - Global Cannabis Applications Corp. ("Global Cannabis" or the "Company") (CSE: APP, FSE: 2FA, OTCQB: FUAPF), a leading developer of innovative data technologies for the cannabis industry, announces it has closed its non-brokered private placement (the "Private Placement") with the issuance of 7,742,267 units at a price of $0.21 per unit (the "Units") for gross proceeds of $1,625,876.
Each Unit is comprised of one common share of the Company and one common share purchase warrant exercisable to purchase one additional common share of the Company at a price of $0.33 for a period of 24 months expiring July 18, 2020 (a "Warrant").
In connection with the Private Placement, the Company paid finders' fees of $74,152.36 and issued 514,811 finders' warrants. In addition, the Company issued an aggregate of 413,813 finders' units to certain finders. Each finders' warrant bears the same terms as the Warrants and each finder's unit bears the same terms as the Units.
All securities issued pursuant to the Private Placement are subject to a statutory hold period of four months from the date of issuance, in accordance with applicable securities legislation, expiring November 19, 2018. Net proceeds from the Private Placement will be used for general working capital and corporate purposes.
The securities offered have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, a U.S. Person (as defined in Regulation S under the U.S. Securities Act) absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States or to, or for the account or benefit of, any U.S. Person, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.