/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S.A. NEWSWIRES/
VANCOUVER, June 5, 2019 /CNW/ - CannaOne Technologies (CNNA: CSE/FSE: 3CT) ("CannaOne" or the "Company") is pleased to announce that it has officially secured a formal commitment for the private placement of a non-brokered convertible debenture (the "Debenture") in the amount of CDN$250,000. The Debenture will bear interest at the rate of 12% 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% 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, CEO: "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."
The securities referred to herein will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
About CannaOne Technologies
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 on-going 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. The Bloom Product Suite™ is representative of complete data driven and design focused software solutions that contain diverse system architectures and provide intelligent, machine learning that will give clients detailed industry business insights and ultimately lead to the creation and management of predictive content and product recommendation engines.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDERS HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
FORWARD-LOOKING STATEMENTS: Certain information contained herein may constitute "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as, "will be", or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements are based on the Company's estimates and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of CannaOne to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including capital expenditures and other costs. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. CannaOne will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
SOURCE CannaOne Technologies Inc.
For further information: Solomon Riby-Williams, Chief Executive Officer, [email protected], 604 - 559 - 8893