UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                    FORM 8-K

                                 CURRENT REPORT


                     Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934


                Date of Event Requiring Report: OCTOBER 24, 2001


                           COOL CAN TECHNOLOGIES, INC.
                           ---------------------------
             (Exact name of registrant as specified in its charter)



               MINNESOTA               0-2714795            95-4705831
                ---------              ---------            ----------
       (State of Incorporation)       (Commission          (IRS Employer
                                       File Number)         Identification #)



                Suite 206, 4505 Las Virgenes Road, Calabasas, CA
       ------------------------------------------------------------------
                    (Address of Principal Executive Offices)



                                 (818) 871-9999
                    ----------------------------------------
              (Registrant's telephone number, including area code)




ITEM  1.     CHANGES IN CONTROL OF REGISTRANT

Not applicable.


ITEM  2.     ACQUISITION OR DISPOSITION OF ASSETS

Not applicable.


ITEM  3.     BANKRUPTCY OR RECEIVERSHIP

Not applicable.


ITEM  4.     CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT

Not applicable.


ITEM  5.     OTHER EVENTS

The  Company  has entered into a funding agreement with Bay Financial S.A. ("Bay
Financial"),  a  shareholder  of  the  Company.  Under  the terms of the funding
agreement,  Bay  Financial will have the right to provide up to $1,000,000 US of
funding  on a private placement basis in tranches over the next 12-month period.
The  purchase price for shares purchased under the funding agreement will be 75%
of  the  average  closing  price  of  the Company's common shares for the 10 day
period  immediately  preceding  receipt  by  the  Company  of  a notice from Bay
Financial of its intention to fund.  Bay Financial has provided the Company with
a  notice  of  a  first  tranche  of  funding  in  the  amount  of  $50,000  US.

The  Company  intends to utilize the capital provided through the financing with
Bay  Financial  to  complete  its  product  development  program and for general
working  capital  purposes.  The  Company  believes  the capital provided by Bay
Financial will be sufficient to complete its current development program for its
patented  INSTACOOL(TM)  self-chilling  beverage  container  technology.


ITEM  6.     RESIGNATIONS OF DIRECTORS AND EXECUTIVE OFFICERS

Not applicable.




ITEM  7.     FINANCIAL STATEMENTS

Not applicable.


(c)     Exhibits.

Exhibit  5.1:     Funding Agreement

Exhibit  5.2:     Notice of Funding


ITEM  8.     CHANGE IN FISCAL YEAR

Not Applicable.




                                   SIGNATURES

Pursuant  to  the  requirements  of  the  Securities  Exchange  Act of 1934, the
Registrant  has  duly caused this Current Report on Form 8-K to be signed on its
behalf  by  the  undersigned  hereunto  duly  authorized.

                                   COOL  CAN  TECHNOLOGIES,  INC.

                                   By: /s/ Bruce Leitch
Date:                              _______________________
                                   Bruce Leitch
                                   President & Director