APP:CC - Global Cannabis Closes Second and Final Tranche of Private Placement and Settles Debt
(TheNewswire)
Vancouver, British Columbia, Canada– TheNewswire- May 2, 2022– Global CannabisApplications Corp. (the “ Company ”)( CSE:APP) (FSE:2FA)(OTC:FUAPF ), a leading medical cannabis chain-of-custody compliance and dataplatform, is pleased to announce that it hasclosed the second and final tranche of a non-brokered privateplacement (the “ FinalTranche ”).
Pursuant to the Final Tranche, the Company has issued9,400,000 units (the “ Units ”) at a price of $0.05 per Unit toinvestors for gross proceeds of $470,000.00 and 3,250,000 commonshares in its capital (“ Shares ”) at a deemed price of $0.05 perShare to certain creditors to settle an aggregate of $162,500.00 indebt. Each Unit consists of one Share and one Share purchase warrant(each, a " Warrant "), whereby each Warrant entitlesthe holder to purchase one additional Share for a period of one yearfrom closing at an exercise price of $0.06 per Share.
Net proceeds from the Final Tranche will be used forgeneral operations (working capital) including business developmentand technology upgrades. All securities issued in connection with theFinal Tranche are subject to a statutory hold period expiring fourmonths and one day from the date of issuance of the securities.
In connection with the Final Tranche, the Company haspaid finder's fees of $31,200.00 and issued 624,000 finder warrants.Each finder warrant bears the same terms as the Warrants.
The securities have not been registered under the U.S.Securities Act of 1933, as amended, and may not be offered or sold inthe United States absent registration or an applicable exemption fromthe registration requirements. This news release shall not constitutean offer to sell or the solicitation of an offer to buy nor shallthere be any sale of the securities in any State in which such offer,solicitation or sale would be unlawful.
About Global Cannabis ApplicationsCorp. (“GCAC”)
GCAC is a global leader in designing, developing, SaaSlicensing and acquiring innovative data technologies for the medicalcannabis industry. The Citizen Green and Efixii platforms are theworld's first end-to-end - from patient to regulator - medicalcannabis data solutions. They use six core technologies: mobileapplications, artificial intelligence, RegTech, smart databases,Ethereum blockchain and GCAC smart rewards. These technologiestransparently disclose cannabis chain-of-custody events, therebyenabling patients to provide crowd-sourced medical cannabis efficacydata. Driven by digital and cannabis industry experts, GCAC is focusedon generating revenue from SaaS licensing its technology and acquiringhigh-quality cannabis datasets that improve patient outcomes andbecome the world’s largest cannabis efficacy data provider.
For more Company information, please visit www.cannappscorp.com , or review its profileson www.sedar.com and on the Canadian Securities Exchange'swebsite at www.thecse.com .
PressContact
Phone: +1 (800) 409-5679
Email: info@cannappscorp.com
Forward LookingInformation
This news release contains certain"forward-looking information" and "forward-lookingstatements" (collectively "forward-looking statements")within the meaning of applicable securities legislation. Allstatements, other than statements of historical fact, included herein,without limitation, statements relating the future operations andactivities of the Company, are forward-looking statements.Forward-looking statements are frequently, but not always, identifiedby words such as "expects", "anticipates","believes", "intends", "estimates","potential", "possible", and similar expressions,or statements that events, conditions, or results "will","may", "could", or" should" occur or beachieved. Forward-looking statements in this news release relate to,among other things, statements relating to the use of proceeds of theFinal Tranche. There can be no assurance that such statements willprove to be accurate, and actual results and future events coulddiffer materially from those anticipated in such statements.Forward-looking statements reflect the beliefs, opinions andprojections on the date the statements are made and are based upon anumber of assumptions and estimates that, while considered reasonableby the Company, areinherently subject to significant business, economic, competitive,political and social uncertainties and contingencies. Many factors,both known and unknown, could cause actual results, performance orachievements to be materially different from the results, performanceor achievements that are or may be expressed or implied by suchforward-looking statements and the parties have made assumptions andestimates based on or related to many of these factors. Readers shouldnot place undue reliance on the forward-looking statements andinformation contained in this news release concerning these items. TheCompany does not assume any obligation to update the forward-lookingstatements of beliefs, opinions, projections, or other factors, shouldthey change, except as required by applicable securities laws.
The CanadianSecurities Exchange has not reviewed and does not acceptresponsibility for the adequacy and accuracy of thisinformation.
THIS PRESS RELEASE IS NOT INTENDED FOR RELEASEOR DISSEMINATION IN THE UNITED STATES
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