Vancouver, BC – Quadron Cannatech Corporation (CSE:QCC) (the “Company” or “Quadron”) is pleased to announce that it has completed a non-brokered private placement in which it raised gross proceeds of $1,451,600.
Rosy Mondin, President and CEO of Quadron reported, “Investor interest in this current financing is in keeping with the interest in the growing extract market. Our team has identified an extremely large-scale market requiring modernized, more efficient, and automated processes in the extraction business. Quadron’s recently unveiled BOSS C02 Extraction System is the most cutting edge C02 extractor available in the market, highlighted by its simplicity and plug and play design. This financing allows us to build out and deliver on purchase orders in a fraction of the time of competitors and further market this next generation machine.”
The placement consisted of 7,258,000 units of the Company at a price of twenty cents per unit. Each unit consists of one common share of the Company and one-half of one common share purchase warrant, with each whole warrant entitling the holder to acquire an additional common share of the Company at a price of thirty cents until October 31, 2020, subject to accelerated expiry in the event that the Company’s common shares close at a price of fifty cents or higher for ten consecutive trading days.
In connection with the placement, the Company paid a cash commission totalling $69,860 and issued 349,300 finders’ warrants. Each finder’s warrant entitles the holder to acquire one common share, at a price of twenty cents per share until October 31, 2018. All securities issued in connection with the placement are subject to a hold period expiring March 1, 2018. The Company will use the net proceeds of the offering for the manufacturing of extraction equipment for resale, the purchase of ancillary products for resale and for working capital purposes.
About Quadron Cannatech
Quadron focuses on ancillary equipment, products and services for the authorized cannabis industry by providing a full array of end to end extraction and processing solutions including sales of alternative end user delivery options for recreational and medical consumers.
On behalf of the Board of Directors of
QUADRON CANNATECH CORPORATION
Investor Relations Contact:
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as “forward-looking statements”. Forward looking statements may be identified by words including “anticipates”, “believes”, “intends”, “estimates”, “expects” and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company’s future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.