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Message: Announces $600,000 Financing

Announces $600,000 Financing

posted on Feb 06, 2009 10:19AM
February 6, 2009
Cannasat Therapeutics Inc. Announces $600,000 Financing
TORONTO, ONTARIO--(Marketwire - Feb. 6, 2009) - Cannasat Therapeutics Inc. (TSX VENTURE:CTH) announced today that it intends to conduct a non-brokered private placement of up to 6,000,000 Units of Cannasat at a price of $0.10 per Unit, for aggregate gross proceeds of up to $600,000 (the "Offering"). Each Unit will consist of one common share and one-half of one share purchase warrant. Each whole share purchase warrant shall entitle the holder to acquire one common share at a price of $0.15 for a period of 24 months from the date of closing of the Offering.

The proceeds from the Offering will be used to fund Cannasat's ongoing CAT 310 and CAT 320 research and development activities as well as working capital and general corporate services.

It is intended that the Offering will be made to "accredited investors" in the Provinces of Ontario, Alberta and British Columbia.

The Offering and closing of the financing is subject to regulatory approval from the TSX Venture Exchange Inc.


Cannasat is a clinical stage pharmaceutical company developing products to treat neurological disorders such as neuropathic pain and schizophrenia. Cannasat currently has two new drugs in its pipeline: CAT 310 and CAT 320. CAT 310 is currently in Phase I clinical trials and CAT 320 is scheduled to begin Phase I trials in mid-2009. More information about Cannasat (TSX VENTURE:CTH) is available at www.cannasat.com.
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