Avicanna Promotes Phillip Cardella To CFO, Secures $1.77M Via Private Placement

Avicanna Inc. AVCNF AVCN (FSE:0NN) announced the promotion of Phillip Cardella to CFO. Cardella has served as the company’s interim CFO since May 2022. Previously, Cardella held the position of senior vice president of finance at the company, and prior to joining the company practiced accounting with MNP LLP.

Private Placement

The company has closed a non-brokered private placement offering of 5.05 million ‎‎units of the company at a price of $0.35 per unit for aggregate gross proceeds of approximately $1.77 million. Each unit is comprised of one common share in the capital of the company and one-half of one common share purchase warrant of the company; and, each warrant shall entitle the holder thereof to acquire one common share in the capital of the company at an exercise price of $0.40 per share, subject to adjustment in certain events, until December 21, 2025.

The company has paid an aggregate total of approximately $5,499 in cash finders' fees in connection with the offering to certain finders in connection with subscriptions for units made by purchasers introduced to the company by such finders.

The company intends to use the proceeds from the offering for general working capital purposes, general and administrative expenses, expenditures related to production and manufacturing, and research and clinical development.

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