Bynd Cannasoft Enterprises Inc. Announces $649,500 Non-Brokered Private Placement Financing
30 September 2022 - 11:00PM
BYND Cannasoft Enterprises Inc. (NASDAQ:
BCAN) (CSE:
BYND)
(“BYND” or the
“Company”) is
pleased to announce that it has agreed to raise up to CAD$649,500
from certain investors by way of a non-brokered private placement.
Specifically, the Company has agreed to issue up to 150,000 common
shares at an issue price of $4.33 per share (the “
Private
Placement”).
The Private Placement is scheduled to close
prior to the end of October and is conditional upon receipt of all
necessary regulatory approvals. As required by the investors, the
proceeds from the Private Placement will be utilized to pay for
public relations, investor relations and business marketing
costs.
No finder's fee will be payable in connection
with the Private Placement. Pursuant to Canadian securities laws,
all common shares which are issued pursuant to the Private
Placement, will be subject to a hold period of four months plus one
day from the date of closing of the Private Placement. The common
shares are expected to be offered to investors located in Israel
only. No securities will be offered or sold in the United States or
to U.S. investors.
Mr. Yftah Ben Yaackov, the BYND’s CEO noted that
“This Private Placement will allow us to invest in marketing and
public relations, an area we have barely invested in since our
listing on the CSE back in April 2021, it will increase visibility
of our Company worldwide and will help create real value for our
shareholders and the Company”.
About BYND Cannasoft Enterprises
Inc.
BYND is an integrated software/cannabis company,
based in Israel.
CRM Software
BYND owns and markets a proprietary customer
relationship management (CRM) software product, known as “Benefit
CRM”. BYND’s Benefit CRM software enables small and medium‐sized
businesses to optimize their day‐to‐day business activities such as
sales management, personnel management, marketing, call center
activities and asset management. BYND’s next-generation Benefit CRM
platform is now ready for BETA testing.
Cannabis CRM
Building on its 20 years of experience in CRM
software, BYND has recently begun development of an innovative new
CRM platform, designed specifically to serve the needs of the
medical cannabis industry. This new platform will be the first of
its kind for the medical cannabis field and the Company is
confident it will transform the industry into a more organized,
accessible, and price transparent market. Data and information
collected through the operation of the Cannabis Farm (see below)
and the products it produces will allow BYND to test its new
Cannabis CRM platform and adjust the platform as necessary.
Additionally, operating the Cannabis Farm and selling medical
cannabis will bring in additional revenue to further support BYND
during the initial roll‐out years of its cannabis CRM platform.
Cannabis Farm
BYND is in the process of securing approval for
the transfer of a primary growing license for growing medical
cannabis in Israel and intends to construct a 3.7 acre farm
facility near Ashkelon Israel, to grow medical cannabis. The
Company’s plans include the construction of 4 state of the art
greenhouses, housing approximately 2.5 acres of total growing
area. BYND estimates that once fully operational its
Cannabis farm facility will be able to produce 7,500kg of raw
cannabis each year. BYND also intends to work with
strategic partners to develop and market new, proprietary
cannabis-infused products for sale throughout Israel and for
export. For Further Information please refer to the information
available on the Company’s website: www.cannasoft‐ crm.com, the
CSE’s
website: www.thecse.com/en/listings/life‐sciences/bynd‐cannasoft‐enterprises‐inc
and on SEDAR: www.sedar.com.
Gabi Kabazo Chief Financial Officer
Tel: (604) 833‐6820e‐mail: ir@cannasoft‐crm.com
For Media and Investor Relations, please
contact:David L. Kugelman(866) 692-6847 Toll Free - U.S. &
Canada(404) 281-8556 Mobile and WhatsAppdk@atlcp.comSkype:
kugsusa
Cautionary Note Regarding
Forward‐Looking Statements
This Press Release contains forward‐looking
statements that involve risks and uncertainties, which may cause
actual results to differ materially from the statements made. When
used in this document, the words “may”, “would”, “could”, “will”,
“intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and
similar expressions are intended to identify forward‐looking
statements. In this news release, these statements include, without
limitation, the expected completion of the Private Placement and
the intended use of proceeds from the Private Placement. Such
statements reflect our current views with respect to future events
and are subject to such risks and uncertainties. Many factors could
cause our actual results to differ materially from the statements
made including, without limitation, the Company’s receipt of
subscriptions under the Private Placement and existing business
conditions at the time of its intended use of the net proceeds from
the Private Placement, in addition to those factors discussed in
filings made by us with the Canadian securities regulatory
authorities and the U.S. Securities and Exchange Commission. Should
one or more of these risks and uncertainties, such as currency and
interest rate fluctuations, increased competition, and general
economic and market factors, occur or should assumptions underlying
the forward-looking statements prove incorrect, actual results may
vary materially from those described herein as intended, planned,
anticipated, or expected. We do not intend and do not assume any
obligation to update these forward‐looking statements, except as
required by law. Shareholders are cautioned not to put undue
reliance on such forward‐looking statements.
Neither the U.S. Securities and Exchange
Commission nor the CSE has reviewed, approved or disapproved the
content of this press release.
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