CALGARY, ALBERTA--(Marketwired - March 8, 2017) - CANADABIS CAPITAL INC.(the "Corporation" or "CanadaBis") (TSX VENTURE:CANB.P), a capital pool company, is pleased to announce that it has completed its initial public offering of 5,000,000 common shares at the price of $0.10 per common share for gross proceeds of $500,000 and has filed for listing as a Capital Pool Company on the TSX Venture Exchange. Richardson GMP Limited (the "Agent") acted as agent on the offering. The common shares of CanadaBis are expected to commence trading on the TSX Venture Exchange ("TSXV") on or about March 10, 2017 under the trading symbol "CANB.P".
As a result of the closing of this offering, CanadaBis now has 8,000,000 common shares issued and outstanding (3,000,000 of which are subject to escrow restrictions), 500,000 common shares reserved for issuance upon the exercise of agent's options granted upon completion of the IPO (the "Agent's Options") and 800,000 common shares reserved for issuance upon the exercise of stock options.
The Agent received a cash commission equal to 10% of the total gross proceeds of the IPO, a corporate finance fee and the Agent's Options exercisable at a price of $0.10 per common share up to March 7, 2019.
The net proceeds of the offering will be used by the Corporation to identify and evaluate assets or businesses for acquisition with a view to completing a "Qualifying Transaction" under the Capital Pool Company program of the TSXV as disclosed in the Corporation's prospectus dated February 22, 2017.
CanadaBis's board of directors and management team is comprised of the following individuals: Greg Smith (President, CFO, CEO and a director), Chris Pettigrew (Director), Donald Byers (Director), Jason Harper (Director) and Barb O'Neill (Corporate Secretary and a director).
The forward-looking statements contained in this press release are made as of the date of this press release, and CanadaBis does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.