Cannasat Therapeutics announces completion of second tranche of prospectus offering

Cannasat Therapeutics Inc. ("Cannasat") (TSX VENTURE:CTH) is pleased to announce that it has completed a second tranche of its previously announced short form prospectus offering of units. Pursuant to the second tranche, Cannasat issued and sold 1,789,000 units at a price of $0.10 per unit raising gross proceeds of $178,900. This brings the total number of units sold under the prospectus offering to 9,298,500 for gross proceeds of $929,850. Each unit consists of one common share of Cannasat and one common share purchase warrant. Each warrant entitles the holder to purchase one additional common share at a price of $0.15 per share for a period of two years from the date of issue.

Cannasat expects to use the net proceeds from the offering to fund working capital and for general corporate purposes, including further research and development of its Relivar and Modulyn drug candidates.

Sandfire Securities Inc. acted as Cannasat's agent in connection with the sale of the units. Pursuant to the second tranche, Cannasat paid cash commissions of $12,523 and issued 178,900 non-transferable compensation options, each exercisable to purchase one Cannasat common share at a price of $0.10 per share for a period of two years from the date of issue.

The units were offered by way of a short form prospectus in the provinces of British Columbia, Alberta and Ontario.

This press release does not constitute an offer of the securities described herein in any jurisdiction. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, or the securities laws of any state and may not be offered or sold in the United States absent an exemption from registration.

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