Cann-Is Capital Corp. Completes Initial Public Offering

TORONTO, Sept. 21, 2018 (GLOBE NEWSWIRE) -- Cann-Is Capital Corp. (TSXV: NIS.P) (the "Company"), a capital pool company ("CPC"), is pleased to announce that it has completed its initial public offering (the "Offering"). A total of 2,945,000 common shares (the "Common Shares") were sold under the Offering at a price of $0.10 per share for gross proceeds of $294,500. As a result of this issuance, the Company now has 5,202,218 Common Shares issued and outstanding.

Haywood Securities Inc. acted as agent (the "Agent") on a best efforts basis for the Offering and received a corporate finance fee, and a commission equal to 10% of the gross proceeds. The Company issued non-transferable compensation warrants to purchase up to 294,500 Common Shares at a price of $0.10 per share exercisable for a period of 24 months from the date of listing of the Common Shares on the TSX Venture Exchange.

The board of directors of the Company consists of Jonathan Graff, Geoffrey Rotstein, James Lanthier, Yaniv Bresler and Joshua Hazenfratz. The officers of the Company are James Lanthier (Chairman), Jonathan Graff (Chief Executive Officer), Ronnie Jaegermann (Chief Financial Officer) and Yaniv Bresler (Corporate Secretary).

The net proceeds of the Offering will be used to identify and evaluate assets or businesses for acquisition with a view to completing a Qualifying Transaction as disclosed in the Company's final prospectus dated August 30, 2018 available on SEDAR at www.sedar.com under the Company's profile. The Company's common shares will commence trading today on the TSX Venture Exchange under the symbol NIS.P.

The Company granted stock options to its directors and officers to acquire an aggregate of 200,000 common shares at a price of $0.10 per share exercisable until September 21, 2028.

Gowling WLG (Canada) LLP acted as counsel to the Company and Peterson McVicar LLP acted as counsel to the Agent.

About Cann-Is Capital Corp.

The Company is CPC. It has not commenced commercial operations and has no assets other than a minimum amount of cash. Except as specifically contemplated in the CPC Policy, as defined in the final prospectus, until Completion of the Qualifying Transaction, the Company will not carry on any business other than the identification and evaluation of assets or businesses with a view to completing a proposed Qualifying Transaction.

For More Information

For more information please contact:
Jonathan Graff, Chief Executive Officer
Telephone: (416) 862-3558
Email: [email protected]

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.