{"id":58797,"date":"2024-08-29T00:04:48","date_gmt":"2024-08-29T00:04:48","guid":{"rendered":"https:\/\/english.saigonbiz.com.vn\/2024\/08\/29\/avicanna-announces-closing-of-non-brokered-private-placement\/"},"modified":"2024-08-29T00:04:48","modified_gmt":"2024-08-29T00:04:48","slug":"avicanna-announces-closing-of-non-brokered-private-placement","status":"publish","type":"post","link":"https:\/\/english.saigonbiz.com\/vn\/avicanna-announces-closing-of-non-brokered-private-placement\/","title":{"rendered":"Avicanna Announces Closing of Non-Brokered Private Placement"},"content":{"rendered":"
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NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAWS<\/p>\n

TORONTO, Aug. 28, 2024 (GLOBE NEWSWIRE) — Avicanna Inc. (\u201cAvicanna<\/strong>\u201d or the \u201cCompany<\/strong>\u201d) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a commercial stage, international biopharmaceutical company focused on the development advancement, and commercialization of evidence-based, cannabinoid-based products, is pleased to announce that it has closed a non-brokered private placement offering of 6,620,692 \u200e\u200eunits of the Company (the \u201cUnits<\/strong>\u201d) at a price of $0.30 per Unit for aggregate gross proceeds of $1,986,207 (the \u201cOffering<\/strong>\u201d). Each Unit is comprised of one common share in the capital of the Company (each, a \u201cUnit Share<\/strong>\u201d) and one-half of one (0.5) common share purchase warrant of the Company (each whole warrant, a \u201cWarrant<\/strong>\u201d); and, each Warrant shall entitle the holder thereof to acquire one (1) common share in the capital of the Company at an exercise price of $0.40 per share, subject to adjustment in certain events, until August 28, 2027.<\/p>\n

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, and repayment of debt.<\/p>\n

The Unit Shares and Warrants, and any securities issuable upon conversion or exercise thereof, are subject to a four-month hold period under applicable \u200esecurities laws in Canada. The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange. The Company has paid an aggregate total of $58,503 in cash finders’ fees and issued an aggregate total of 195,010 finders\u2019 warrants (each a \u201cFinder Warrants<\/strong>\u201d) 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 $0.40 per share, subject to adjustment in certain events, until August 28, 2027.<\/p>\n

About Avicanna Inc. <\/strong><\/p>\n

Avicanna is a commercial-stage international biopharmaceutical company focused on the advancement and commercialization of cannabinoid-based products and formulations for the global medical and pharmaceutical market segments. Avicanna has an established scientific platform including R&D and clinical development leading to the commercialization of more than thirty proprietary, evidence-based finished products and supporting four commercial stage business pillars.<\/p>\n