Vancouver, British Columbia, Canada, November 28, 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 3,501,852 Units at a price of $0.135 per Unit to raise gross proceeds of $472,750.00 (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 $0.17 per share. All securities issued pursuant to the Private Placement are subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation, expiring on March 29, 2018. 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, GCAC’s apps facilitate the proliferation of digital conversations by like-minded people. Managed by digital industry experts, GCAC is focused on viral global expansion by providing the best user experience in each target market. Its leading mobile platforms are Citizen Green, a family of apps dedicated to the digital world of all things cannabis; Foro, a peer-topeer 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 the Company, please visit online at www.cannappscorp.com, or review its profiles 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 GCAC. Forward-looking information is based on certain key expectations and assumptions made by the management of GCAC. Although management of the Company 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 GCAC 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. GCAC 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.