CanadaBis Announces Withdrawal of Public Offering

Red Deer, Alberta--(Newsfile Corp. - November 3, 2021) - CanadaBis Capital Inc. (TSXV: CANB) (the "Corporation" or "CanadaBis")  announced today that it has made the decision to withdraw its previously announced short-form prospectus offering of units (the "Public Offering").

The Corporation is still proceeding with the previously announced amended private placement (the "Amended Private Placement") of 11,538,462 units of the Corporation at a price of $0.13 per unit for gross proceeds $1,500,000. It is expected that the Amended Private Placement will close by November 15, 2021. All other terms of the Amended Private Placement are as set out in the press release of September 7, 2021.

ABOUT CANADABIS CAPITAL INC.

CanadaBis is a vertically integrated Canadian cannabis company focused on achieving large-scale growth in the global cannabis market - with specific attention paid to supplying the fast-emerging concentrates category through their Stigma Grow cultivation and extraction facility.

Acting as the cornerstone for everything it offers, Stigma Grow continuously strives to address the market demands and lingering stigmas within the legal cannabis industry head-on, with products designed to disturb the status quo and dramatically shift the conversation surrounding Canada's legal cannabis industry.

FOR FURTHER INFORMATION PLEASE CONTACT:

Travis McIntyre, CEO
Phone: 1-888-STI-GMA1

THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.

FORWARD-LOOKING INFORMATION

This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking information") within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information and include, without limitation, statements regarding the timing and completion of the Amended Private Placement, TSXV approval of the Amended Private Placement; the use of proceeds of the Amended Private Placement. The forward-looking information is based on certain key expectations and assumptions made by the Corporation. Although the Corporation believes that the expectations and assumptions on which such forward-looking information are based are reasonable, undue reliance should not be placed on the forward-looking information because the Corporation can give no assurance that they will prove to be correct. Since forward-looking information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Factors which could materially affect such forward-looking information may include, but are not limited to, the ability to successfully market and complete the prospectus offering; the ability to complete the Amended Private Placement, including the satisfaction of all conditions precedent related thereto; the ability to obtain all requisite regulatory approvals including the approval of the TSX Venture Exchange, the Amended Private Placement; the ability to apply the proceeds as intended; the ability of the Corporation to complete transactions on terms announced; timing and availability of external financing on acceptable terms and such other factors as are described in the risk factors in the Corporation's most recent annual management's discussion and analysis that is available on the Corporation's profile on SEDAR at www.sedar.com.

Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking information included in this news release are expressly qualified by this cautionary statement. The forward-looking information contained in this news release are made as of the date hereof and the Corporation undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

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. 

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES 

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/101954