Cannabix Technologies Inc.
CSE : BLO
CSE : BLO.CN
CNSX : BLO

Cannabix Technologies Inc.

November 20, 2017 08:27 ET

Cannabix Technologies Inc. Announces Upsize of Previously Announced Bought Deal Private Placement to $4,025,000 and Concurrent Non-Brokered Private Placement of $977,500

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 20, 2017) -

Not for distribution to United States newswire services or for dissemination in the United States

Cannabix Technologies Inc. (CSE:BLO)(CSE:BLO.CN)(CNSX:BLO) (the "Company") is pleased to announce that it has amended its agreement with Cormark Securities Inc. (the "Underwriter") and has agreed to increase the size of its previously announced $3.45 million "bought deal" private placement offering. Pursuant to the upsized deal terms, the Underwriter has agreed to purchase, on a "bought deal" basis, 3,500,000 units ("Units") in the capital of the Company, at a price of $1.15 per Unit (the "Offering Price") for aggregate gross proceeds of $4,025,000 (the "Offering"). Each Unit will consist of one common share (each a "Common Share") of the Company and one Common Share purchase warrant of the Company. Each Common Share purchase warrant (a "Warrant") will entitle the holder thereof to purchase one Common Share at a price equal to $1.60 per Common Share for a period of 36 months following closing of the Offering.

The Company has granted the Underwriter an option ("Underwriter's Option"), exercisable in whole or in part at any time prior to the closing date of the Offering, to purchase up to an additional 500,000 Units at the Offering Price. In the event that the Underwriter's Option is exercised in its entirety, the aggregate gross proceeds of the Offering shall be $4,600,000.

In addition, the Company intends to complete a concurrent non-brokered private placement of 850,000 Units at the Offering Price for aggregate gross proceeds of $977,500 (the "Concurrent Private Placement"). The Units issuable pursuant to the Concurrent Private Placement will be on the same terms as those issuable pursuant to the Offering.

The Company intends to use the net proceeds from the Offering and Concurrent Private Placement for research and development purposes related to its cannabis breathalyzer technologies, working capital and general corporate purposes.

Closing of the Offering and Concurrent Private Placement is expected to occur on or about December 7, 2017 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the Canadian Securities Exchange and any applicable securities regulatory authorities.

This press release shall not constitute an offer to sell or solicitation of an offer to buy the securities in any jurisdiction. The common shares will not be and have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for account or benefit of, U.S. persons, absent registration or applicable exemption from the registration requirements. Any public offering of securities in the United States must be by means of a prospectus containing detailed information about the Company and management as well as financial statements.

About Cannabix

Cannabix Technologies Inc. is a leader in marijuana breathalyzer development for law enforcement and the workplace. Cannabix has established breath testing technologies in the pursuit of bringing durable, portable hand-held tools to market to enhance detection of marijuana impaired driving offences on roads at a time when marijuana is becoming legal in many global jurisdictions. Cannabix is working to develop drug-testing devices that will detect THC- the psychoactive component of marijuana that causes intoxication- using breath samples. In Particular, Cannabix is focused on developing breath testing devices for detection of recent use of THC, in contrast to urine testing for THC metabolite that requires an invasive collection and reflects use days or even weeks earlier. The devices will also be useful for other practical applications such as testing employees in the workplace where intoxication by THC can be hazardous.

We seek Safe Harbour.

On behalf of the Board of Directors of Cannabix

Rav Mlait, CEO & Director, Cannabix Technologies Inc.

For further information about Cannabix Technologies Inc. or this news release, please visit our website at www.cannabixtechnologies.com or contact the Company at info@cannabixtechnologies.com.

Caution Concerning ForwardLooking Statements

This press release contains forward-looking information that involves various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company, such as closing of the Offering, use of proceeds of the Offering, receipt of all regulatory approvals to complete the Offering, as well as final development of a commercial or prototype product(s), successful trial or pilot of company technologies, no assurance that commercial sales of any kind actually materialize; no assurance the Company will have sufficient funds to complete product development. There are numerous risks and uncertainties that could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information, including: (i) adverse market conditions; (ii) risks regarding protection of proprietary technology; (iii) the ability of the Company to complete financings; (iv) the ability of the Company to develop and market its future product; and (v) risks regarding government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition and other factors which may be identified from time to time in the Company's public announcements and filings. There is no assurance that the marijuana breathalyzer business will provide any benefit to the Company, and no assurance that any proposed new products will be built or proceed. There is no assurance that existing "patent pending" technologies licensed by the Company will receive patent status by regulatory authorities. The Company is not currently selling commercial breathalyzers. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not intend to update these forward-looking statements.

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