Avicanna Secures $908K Via Private Placement

Avicanna Inc. AVCNF AVCN (FSE:0NN) has closed a non-brokered private placement offering of 3.1 million ‎‎units of the company at a price of CA$0.40 per unit for aggregate gross proceeds of approximately CA$1.24 million ($908,000). 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 share in the capital of the company at an exercise price of $0.50 per share, subject to adjustment in certain events, until March 20, 2026.

The company has paid an aggregate total of approximately $7,500 in cash finders' fees and issued an aggregate total of 18,750 finder's warrants in connection with the offering to certain finders in connection with subscriptions for units made by purchasers introduced to the company by such finders. each finder warrant entitles the holder thereof to acquire one common share in the capital of the company at an exercise price of $0.41 per share, subject to adjustment in certain events, until March 20, 2026.

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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