Canntab Therapeutics Limited (CSE:PILL) (OTCMKTS:CTABF), a biopharmaceutical company focused on hard pill cannabinoid formulations, has closed the final $645,000 tranche of its previously-announced C$3.7 million private placement.
The last tranche consisted of nearly 1.3 million units — each containing one share and one share purchase warrant — at a price of C$0.50 per unit. All told, the private placement consisted of 7.4 million units.
The warrants can be used to acquire an additional share at a price of C$0.75 for the next two years.
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"With the gross proceeds from this financing we now have the capital to completely implement our business plan,” Canntab CFO Richard Goldstein said in a statement.
“Raising significant equity during these extraordinary market conditions coupled with the inherent recent challenges in the Cannabis space, in particular, is a testament to the level of interest which exists in the future of Canntab.”
Canntab, based in Toronto, has filed 13 patents in Canada and the United States that cover a range of processes and formulations needed to create the company's hard pill formulations, including instant release, extended-release, and bi-layered solutions.
"We began as a pharmaceutical company more than a decade ago, and we will continue to operate as a pharmaceutical company producing the most advanced medical cannabis solutions," Goldstein said.
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