Cannasat plans $2.5 million private placement

Cannasat Therapeutics (TSX-V:CTH) plans to raise $2.5 million through a brokered private placement of units priced at 10 cents each, with Wellington West Capital as lead placement agent.

Each unit will consist of one common share and one-half of a warrant of Cannasat.  One warrant entitles the holder to purchase an additional common share at a price of 12.5 cents over 24 months from closing.

Cannasat plans to use proceeds for ongoing research and development, search for an additional drug candidate, and for working capital purposes.