Avicanna Closes $2M Non-Brokered Private Placement

Avicanna Inc. AVCN AVCNF 0NN, a commercial-stage, international biopharmaceutical company focused on the development advancement and commercialization of cannabinoid-based products, has closed a non-brokered private placement offering of 7,210,194 ‎‎units at a price of C$0.35 ($0.28) per Unit, for aggregate gross proceeds of approximately C$2.5 million.

Each Unit is comprised of one common share and one-half of one (0.5) common share purchase warrant of, which shall entitle the holder to acquire 1 common share at an exercise price of C$0.40 per share, subject to adjustment in certain events, until March 31, 2025.

Avicanna paid an aggregate total of approximately C$32,500 in cash finders’ fees and issued an aggregate total of 92,857 finder’s warrants in connection with the offering.

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.