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Files Preliminary Short Form Prospectus For Offering of Units
May 19, 2009 02:50PM
May 19, 2009
Cannasat Therapeutics Files Preliminary Short Form Prospectus For Offering of Units
TORONTO, ONTARIO--(Marketwire - May 19, 2009) -
NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO U.S. NEWS WIRE SERVICES
Cannasat Therapeutics Inc. ("Cannasat") (TSX VENTURE:CTH) today announced that it has filed a preliminary short form prospectus with the securities regulatory authorities in the provinces of Ontario, British Columbia and Alberta in connection with a best efforts offering of units, each unit consisting of one common share and one common share purchase warrant. The offering to raise up to $2.5 million will be led by Sandfire Securities Inc. of Toronto. Final pricing and determination of the number of units to be offered under the offering will occur immediately prior to the filing of the (final) short form prospectus in respect of the offering.
Cannasat expects to use the net proceeds from the offering to fund working capital and for general corporate purposes, including further research and development of its Relivar and Modulyn drug candidates.
Closing of the offering is subject to certain conditions, including but not limited to, receipt of all necessary securities regulatory approvals, including the approval of the TSX Venture Exchange.
This press release does not constitute an offer of the securities described herein in any jurisdiction. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, or the securities laws of any state and may not be offered or sold in the United States absent an exemption from registration.
About Cannasat Therapeutics
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: Relivar and Modulyn. Over the next 12 months Cannasat plans to advance Relivar and Modulyn with further clinical testing and is positioning itself to enter marketing agreements with select Pharma partners. Pharma collaborations will create a pathway towards the future commercialization, as well as provide important new investment to develop a pipeline of additional CNS/neurology product candidates. More information about Cannasat (CTH: TSXV) is available at www.cannasat.com.