Cynapsus Therapeutics Inc (NASDAQ:CYNA) issued an aggregate of 249,254 common shares pursuant to the exercise of warrants, for aggregate cash consideration of approximately Cdn$3,221,029. Such common shares were issued by the Company in the United States and to “U.S. persons” (as both such terms are defined in Regulation S (“Regulation S”) under the United States Securities Act of 1933, as amended (the “Securities Act”)), in reliance upon Rule 506(b) of Regulation D under the Securities Act (“Regulation D”), solely to “accredited investors,” as such term is defined in Rule 501(a) of Regulation D. Such common shares were issued outside the United States to non-U.S. persons in reliance upon Regulation S.