An anonymous director reports
GCAC ANNOUNCES SECOND AND FINAL TRANCHE CLOSE OF PRIVATE PLACEMENT
Global Cannabis Applications Corp.
has closed its last and final tranche of a non-brokered private placement.
Pursuant to the private placement, the company has issued 6,184,490 units at a price of 10.5 cents per unit for gross proceeds of $649,371.46 and 1,087,618 units at a deemed price of 10.5 cents per unit to settle an aggregate of $114,199.89 in debt to various creditors of the company. Each financing unit and settlement unit consists of one common share and one common share purchase warrant, whereby each warrant entitles the holder to purchase one additional common share of the company for a period of three years from closing at an exercise price of 17 cents per common share.
In connection with the private placement, the company paid finder's fees in the amount of $23,885.16, issued 44,755 finders' units and 227,192 finder's warrants with each finders' unit having the same terms as the financing units and each finder's warrant having the same terms as the warrants. Net proceeds from the private placement will be used for working capital and general corporate purposes. All securities issued in connection with the private placement are subject to a statutory hold period of four months from the date of issuance.
About Global Cannabis Applications Corp.
Global Cannabis Applications is a global leader in designing, developing, SaaS (software-as-a-service) licensing and acquiring innovative data technologies for the medical cannabis industry. The Citizen Green and Efixii platforms are the world's first end-to-end -- from patient to regulator -- medical cannabis data solutions. They use six core technologies: mobile applications, artificial intelligence,
regulation technology, smart databases, Ethereum blockchain and GCAC smart rewards. These technologies transparently disclose cannabis chain-of-custody events, thereby enabling patients to provide crowd-sourced medical cannabis efficacy data. Driven by digital and cannabis industry experts, GCAC is focused on generating revenue from SaaS licensing its technology and acquiring high-quality cannabis datasets that improve patient outcomes and to become the world's largest cannabis efficacy data provider.
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