VANCOUVER, British Columbia, Oct. 13, 2017 (GLOBE NEWSWIRE) -- Quadron Cannatech Corporation (the “Company” or “Quadron”) - (CSE:QCC) is pleased to report it has arranged a non-brokered private placement of units of the Company at a price of twenty cents per unit for aggregate proceeds of up to $1 million. Each unit consists of one common share of the Company and one-half of one common share purchase warrant, with each whole warrant entitling the holder to acquire an additional common share of the Company at a price of thirty cents for a period of thirty-six months from the date of issuance, subject to accelerated expiry in the event that the Company’s common shares close at a price of fifty cents or higher for ten consecutive trading days.
The Company will use the net proceeds of the offering for the manufacturing of extraction equipment for resale, the purchase of ancillary products for resale and for working capital purposes.
Rosy Mondin, President and CEO of Quadron reported, “We have identified an extremely large-scale market requiring modernized, more efficient, and automated processes in the extraction business. Quadron's recently unveiled BOSS C02 extractor is the most cutting edge C02 extractor available in the market, highlighted by its simplicity and plug and play design. We are already seeing very strong reception and expect our order book to grow rapidly. This financing allows us to build out and deliver on our purchase orders in a fraction of the time of competitors and further market this next generation machine."
The Company may pay finders' fees to one or more arm's-length parties which introduce the Company to subscribers, in accordance with the policies of the Canadian Securities Exchange. The securities will be subject to a four-month-and-one-day statutory hold period from the date of issuance. Closing of the private placement remains subject to the receipt of all regulatory approvals, including the approval of the Canadian Securities Exchange.
About Quadron: Quadron focuses on ancillary equipment, products and services for the authorized cannabis industry by providing a full array of end to end extraction and processing solutions including sales of alternative end user delivery options for recreational and medical consumers.
For more information, visit: www.quadroncannatech.com
On behalf of the Board of Directors of
QUADRON CANNATECH CORPORATION
Rosy Mondin
President and CEO
rosy@quadroncannatech.com
Investor Relations Contact:
KIN Communications Inc.
Caleb Jeffries, VP, Investor Relations
1-866-684-6730
QCC@kincommunications.com
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as “forward-looking statements”. Forward-looking statements may be identified by words including “anticipates”, “believes”, “intends”, “estimates”, “expects” and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company’s future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.