Vancouver, British Columbia, Canada, May 5, 2017 – Global Cannabis Applications Corp. (“Global Cannabis” or the “Company”) (CSE: APP, FSE: 2FA, OTCQB: FUAPF) a leading developer of innovative smartphone applications for the cannabis industry, announces it has closed a non-brokered private placement issuing a total of 3,666,665 Units at a price of $0.075 per Unit to raise gross proceeds of $275,000 (the “Private Placement”).
Each Unit consists of one (1) common share and one-half (1/2) common share purchase warrant, whereby each full warrant entitles the holder to purchase one additional common share of the Company for a period of two (2) years from closing at an exercise price of $0.10 per share. All securities distributed pursuant to the Private Placement are subject to a four month hold period in accordance with applicable securities laws.
The proceeds from the Private Placement will be used for general working capital and corporate purposes.
About Global Cannabis Applications Corp.
Global Cannabis Applications Corp. is a global leader in designing, developing, marketing, and acquiring innovative mobile applications. Used in over 25 countries, Global Cannabis’ apps facilitate the proliferation of digital conversations by like-minded people. Managed by digital industry experts, Global Cannabis is focused on viral global expansion by providing the best user experience in each target market. Its leading mobile platforms are Citizen Green, a platform dedicated to the digital world of all things cannabis; Foro, a peer-to-peer mobile ecommerce student marketplace; Opinit, an app that enables users to socially share their favourite online sentiment-driven content; and Truth, a one-to-one anonymous messaging app. For more information about Global Cannabis, visit online at www.cannappscorp.com, or review its profile on the SEDAR website (www.sedar.com) and on the Canadian Securities Exchange’s website (www.thecse.com).
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This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of Global Cannabis. Forward-looking information is based on certain key expectations and assumptions made by the management of Global Cannabis. Although Global Cannabis believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Global Cannabis can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. Global Cannabis disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this information.