The last tranche raised C$645,000 by offering nearly 1.3 million units at a price of $0.50 per unit
Canntab Therapeutics Limited () (OTCMKTS:CTABF), a biopharmaceutical company focused on hard pill cannabinoid formulations, has closed the final $645,000 tranche of its previously-announced C$3.7 million private placement.
The last tranche consisted of nearly 1.3 million units — each containing one share and one share purchase warrant — at a price of C$0.50 per unit. All told, the private placement consisted of 7.4 million units.
The warrants can be used to acquire an additional share at a price of C$0.75 for the next two years.
READ: Canntab Therapeutics nominates Canadian pharmaceutical executive Larry Latowsky as executive chairman
"With the gross proceeds from this financing we now have the capital to completely implement our business plan,” Canntab CFO Richard Goldstein said in a statement.
“Raising significant equity during these extraordinary market conditions coupled with the inherent recent challenges in the Cannabis space, in particular, is a testament to the level of interest which exists in the future of Canntab.”
Canntab, based in Toronto, has filed 13 patents in Canada and the United States that cover a range of processes and formulations needed to create the company's hard pill formulations, including instant release, extended-release, and bi-layered solutions.
"We began as a pharmaceutical company more than a decade ago, and we will continue to operate as a pharmaceutical company producing the most advanced medical cannabis solutions," Goldstein said.
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