Scythian Biosciences Inc. is developing a proprietary Cannabinoid combination therapy for the prevention and treatment of concussions and traumatic brain injury
TORONTO, ONTARIO–(Marketwired – March 14, 2017) –
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Further to the press release dated February 21, 2017, Kitrinor Metals Inc. (TSX VENTURE:KIT) (the “Company“) and Scythian Biosciences Inc. (“Scythian“), a company incorporated under the federal laws of Canada, are pleased to announce that Scythian completed an initial tranche of a brokered private placement offering of subscription receipts (“Subscription Receipts“) led by Clarus Securities Inc. (the “Lead Agent“), together with Haywood Securities Inc. and Canaccord Genuity Corp. (collectively, the “Agents“), for gross proceeds of C$13,085,000 (the “Offering“). The Offering was completed in connection with a proposed reverse take-over of the Company (the “Proposed Transaction“) which remains subject to approval of the TSX Venture Exchange (“TSXV“). An investor syndicate comprised of both new investors, including institutional investors, and existing shareholders participated in the Offering. Aphria Inc. (TSX VENTURE:APH)(OTCQB:APHQF), a Health Canada Licensed Producer of medical cannabis products, participated in the Offering as a strategic lead investor. Delavaco Group acted as strategic investor and advisor to the transaction.