Mr. Solomon Riby-Williams reports
CANNAONE SECURES $250,000 CAD CONVERTIBLE DEBENTURE
Cannaone Technologies Inc. has officially secured a formal commitment for the private placement of a non-brokered convertible debenture in the amount of $250,000. The debenture will bear interest at the rate of 12 per cent per annum and is due 12 months following issuance. The debenture holder may, at its discretion during the term, convert any portion of the principal amount of the debenture into common shares of the company at a 20-per-cent discount to the prevailing market price of the company's common shares. Accrued and unpaid interest may also be converted into common shares at the then-prevailing market price, without discount.
It is anticipated that the proceeds of the debenture will be used for working capital and general corporate purposes. Closing of the debenture is expected to occur in early June, 2019, and is subject to approval of the Canadian Securities Exchange.
Stated Solomon Riby Williams, chief executive officer, "The securing of this financing continues to show the staunch support and validation by the investment community surrounding Cannaone, in particular towards the significant efforts the company continues to undertake to successfully execute and expand its business model to target markets in the most timely, efficient and proactive manner possible."
About Cannaone Technologies Inc.
Cannaone has developed Bloomkit, the first product in the Bloom Product Suite, a turnkey enterprise software solution that can be utilized by any B-to-C cannabis company. Inherent functionalities ensure its users the highest levels of continuing customer satisfaction while the adaptability of Bloomkit gives clients the ability to operate and satisfy regulatory environments of any governing body around the world, truly affording Cannaone the opportunity to serve an overall base of global clientele with a software suite that sits at the forefront of the industry.
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