Cannasat Therapeutics Inc.
TSX VENTURE : CTH

Cannasat Therapeutics Inc.

June 27, 2008 14:15 ET

Cannasat Therapeutics Grant of Options and Share Issuance

TORONTO, ONTARIO--(Marketwire - June 27, 2008) - Cannasat Therapeutics Inc. (the "Corporation") (TSX VENTURE:CTH), the developer of novel cannabinoid-based pharmaceutical products, announced today that it has granted options to acquire 1,000,000 shares in the capital of the Corporation effective June 25, 2008.

Of the total stock option grant, 200,000 were granted to a consultant at an exercise price of $0.20 per share and with an expiry of 2 years. The remaining 800,000 options were granted to directors at an exercise price of $0.20 per share and with an expiry of 5 years. In particular, 200,000 stock options were granted to Dr. Julia Levy, as well as an option to acquire 100,000 shares to each of the directors Peter Palframan, Dr. David Pattenden, Dr. Alan Ryley, Rochelle Stenzler, Alan Torrie and Donald Ziraldo.

The Corporation also announced that it has agreed to settle an account with a third party advisor in the amount of $25,000 pursuant to a shares for debt application with the TSX Venture Exchange Inc. The $25,000 was converted at a rate of one common share of Cannasat for each $0.20 advanced, totalling 125,000 common shares. The common shares shall be subject to a 4 month hold period before they may be freely traded.

ABOUT CANNASAT THERAPEUTICS

Founded in 2004, Cannasat is an early stage pharmaceutical research and development company. Cannasat is developing cannabinoid-based pharmaceutical products using proprietary formulation and drug delivery technologies. Cannabinoids have broad therapeutic applications which are believed to include the treatment of neuropathic pain, chronic pain, depression, anxiety and movement disorders. More information about Cannasat (TSX VENTURE:CTH) is available at http://www.cannasat.com.

The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.

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