Cannsun Closes First Tranche of Private Placement

(TheNewswire)

Vancouver, B.C. - TheNewswire - November 25, 2019, – Cannsun Medhel Bioscience Ltd. (“Cannsun” or the “Company”) is pleased to announce it has arranged a non-brokered private placement wherein it intends to issue up to 10,000,000 common shares at €0.30 per share for aggregate proceeds of up to €3,000,000. Effective November 25, 2019, the Company has closed an initial tranche of 3,864,996 common shares at €0.30 per share for aggregate proceeds of €1,159,498.80. There were no finder’s fees paid in connection with the financing, and all of the shares issued are subject to a four month trading restriction.

Proceeds from the placement will be used to for potential acquisitions and for general working capital purposes.

About the Company

Cannsun Medhel Bioscience Ltd. is a diversified company that currently has stable oil production through operations in southeastern Saskatchewan as well as European and African interests in the health/pharmaceutical industry.

ON BEHALF OF THE BOARD

Lewis Dillman

CEO and Director

Cautionary Statements regarding Forward-Looking Information:

Certain statements contained in this press release constitute forward-looking information as defined by law including without limitation Canadian securities laws and the “safe harbor” provisions of the US Private Securities Litigation Reform Act of 1995 (“forward-looking statements”). These forward-looking statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.

Copyright (c) 2019 TheNewswire - All rights reserved.

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