Canntab hires Hybrid Financial for IR services
CANNTAB THERAPEUTICS LAUNCHES CAPITAL MARKETS COMMUNICATIONS STRATEGY
Canntab Therapeutics Ltd. will be increasing its level of engagement with shareholders, and with potential retail and institutional investors. Accordingly, it has retained the services of Mackie Research Capital Corp. to act as financial adviser to the company and the services of Hybrid Financial Ltd. to assist the company with investor relations by effectively communicating the company's message to an increasingly broad range of investment advisers across Canada.
Operational milestones
Since listing on the Canadian Securities Exchange in April, 2018, management has been particularly focused on executing on the company's business plan, and furthering the numerous opportunities that have been in development and were discussed in detail in the company's listing statement, including, but not limited to, the following:
- Health Canada approval to begin research and development on cannabinoid-based oral sustained release formulations, as outlined in the company's news release of May 14, 2018;
- Filing of new patent applications related to the company's intellectual property portfolio, as outlined in the company's news releases of April 26, 2018, and May 25, 2018;
- Development and launch of new, innovative products, as outlined in the company's news release of June 20, 2018;
- Advancing discussions with FSD Pharma to bring about a second channel of production and distribution for the company, as outlined in the company's news release of July 9, 2018;
- Numerous other developments that are not yet in the public realm.
Management is pleased with the company's operational progress since its public listing and feels that it is time to turn a greater attention to growing awareness of the company, its activities and the unique business opportunities being developed in the medicinal cannabis markets, and potentially in the recreational cannabis markets -- both in Canada and internationally. As such, the retention of both Mackie Research and Hybrid will play a key role in the company's developing communications strategy.
Mackie Research will provide a number of services to Canntab, including, but not limited to, capital markets advisory, financial and operational analysis, and recommendations on strategic growth objectives. They will be retained for an initial term of three months, continuing on a month-to-month basis thereafter. The company can terminate the agreement at any time after the initial term, upon 15 days of notice.
As part of the compensation for its services, the company will (i) pay a monthly, non-refundable work fee of $20,000 to Mackie Research; and (ii) grant 200,000 options to Mackie Research. Each Mackie option entitles the holder thereof to purchase one common share in the capital of the company at an exercise price of $1.02 at any time up to 36 months following the date hereof. The Mackie options are subject to a vesting schedule, with 100,000 Mackie options vesting immediately and the balance of 100,000 Mackie options vesting if the daily volume weighted average trading price of the common shares is greater than $1.25 for 20 consecutive trading days within six months of issuance.
Hybrid will be assisting the company in speaking to, and answering questions from, the many investment advisers in touch with the company on a regular basis. Hybrid will be retained for an initial term of three months, continuing on a month-to-month basis thereafter. The company can terminate the agreement at any time after the initial term, upon 15 days of notice.
As part of the compensation for its services, the company will (i) pay a monthly fee of $14,000 to Hybrid; and (ii) grant 250,000 options to Hybrid. Each Hybrid option entitles the holder thereof to purchase one common share at an exercise price of $1.02 at any time up to five years following the date hereof. The Hybrid options are subject to a vesting schedule, with one-quarter of the Hybrid options vesting on each of Dec. 12, 2018, March 12, 2019, June 12, 2019, and Sept. 12, 2019.
About Canntab Therapeutics Ltd.
Canntab Therapeutics is a Canadian cannabis oral dosage formulation company based in Markham Ont., engaged in the research and development of advanced pharmaceutical-grade formulations of cannabinoids. Canntab has developed in-house technology to deliver standardized medical cannabis extract from selective strains in a variety of extended/sustained-release pharmaceutical dosages for therapeutic use.
