CannaOne Closes Private Placement March 17, 2021
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES.
CANNAONE CLOSES PRIVATE PLACEMENT
Vancouver, British Columbia -- March 17, 2021 -- CannaOne Technologies Inc.
("CannaOne" or the “Company”) (Canadian Securities Exchange: CNNA) is pleased to
announce that it has completed the non-brokered private placement (the "Offering")
described in its news release of February 23, 2021. In connection with the closing of the
Offering, the Company issued an aggregate of 6,792,453 units (the "Units") at a price of
CDN$0.265 per Unit for gross proceeds of CDN$1,800,000. Each Unit consists of one
common share in the capital of the Company (a “Share”) and one whole transferable
common share purchase warrant (a “Warrant”). Each whole Warrant is exercisable to
acquire one Share at an exercise price of CDN$0.50 per Share until March 17, 2023
which is 24 months from the date of issuance.
Insiders of the Company acquired an aggregate of 193,759 Units in the Offering, which
participation constituted a "related party transaction" as defined under Multilateral
Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI
61-101”). Such participation is exempt from the formal valuation and minority shareholder
approval requirements of MI 61-101 as neither the fair market value of the Units acquired
by the insiders, nor the consideration for the Units paid by such insiders, exceed 25% of
the Company's market capitalization. As required by MI 61-101, the Company advises
that it expects to file a material change report relating to the Offering less than 21 days
before completion of the Offering, which is necessary to complete the Offering in an
expeditious manner and is reasonable in the circumstances.
CannaOne intends to use the net proceeds of the Offering for general working capital.
The Company will pay aggregate finder’s fees of CDN$64,842.19 in connection with
subscriptions from subscribers introduced to the Offering.
The securities issued under the Offering, and any Shares that may be issuable on
exercise of any such securities, will be subject to a statutory hold period expiring four
months and one day from the date of issuance of such securities.
About CannaOne
Since inception CannaOne has focused on development and deployment of its
proprietary online marketplace platform. Integral to the true intent and directive of the
long-term planning of these development efforts was an early -stage technology
agreement to allow for integration of a payment and financial technology platform to
facilitate merchant sales within its online platform. As such, since March 2017 the
company has worked closely with payment technology providers in SE Asia, to ascertain
the pathways to the greatest potential for future growth in the world's fastest growing
digital payment markets. With the existence of ever-evolving international relationships
with parties specifically focused on the facilitation of payment processing and bank
acquiring infrastructure, the Company sees potential to increase revenue over time with
the continued integration and utilization of complete payment processing capabilities
within our online marketplace solutions. The Company will look to expand its online client
portfolio to include additional business sectors, such as those to most effectively service
the payment processing requirements of e -commerce providers. While CannaOne
believes that significant near-term opportunities exist for the Company's solutions, there
can be no assurance that customer agreements will be reached or that such agreements
will be profitable should they be implemented.
On Behalf of the Board of Director
Christopher Cherry
Director and Chief Financial Officer
This news release does not constitute an offer to sell or a solicitation of an offer to buy
any of the securities in the United States. The securities have not been and will not be
registered under the United States Securities Act of 1933, as amended (the "U.S.
Securities Act"), or any state securities laws and may not be offered or sold within the
United States or to U.S. Persons unless registered under the U.S. Securities Act and
applicable state securities laws or an exemption from such registration is available.
Cautionary Statement Regarding Forward-Looking Information
Certain information contained in this news release constitutes “forward -looking
information” or “forward-looking statements” (collectively, “forward- looking information”).
Without limiting the foregoing, such forward-looking information includes statements
regarding the process and completion of the Offering, the use of proceeds of the Offering
and any statements regarding the Company’s business plans, expectations and
objectives. In this news release, words such as “may”, “would”, “could”, “will”, “likely”,
“believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate” and similar words and the
negative form thereof are used to identify forward-looking information. Forward looking
information should not be read as guarantees of future performance or results, and will
not necessarily be accurate indications of whether, or the times at or by which, such future
performance will be achieved. Forward-looking information is based on information
available at the time and/or the Company management’s good faith belief with respect to
future events and is subject to known or unknown risks, uncertainties, assumptions and
other unpredictable factors, many of which are beyond the Company’s control. For
additional information with respect to these and other factors and assumptions underlying
the forward-looking information made in this news release, see the Company’s most
recent Management’s Discussion and Analysis and financial statements and other
documents filed by the Company with the Canadian securities commissions and the
discussion of risk factors set out therein. Such documents are available at
www.sedar.com under the Company’s profile and on the Company’s website,
https://cannaonetechnologies.com/. The forward-looking information set forth herein
reflects the Company’s expectations as at the date of this news release and is subject to
change after such date. The Company disclaims any intention or obligation to update or
revise any forward-looking information, whether as a result of new information, future
events or otherwise, other than as required by law.