Avicanna Announces Closing of Non-Brokered Private Placement

Executive Summary

• Avicanna Inc. closed a non‑brokered private placement raising $1,550,000 in gross proceeds.
• The offering consisted of 7,750,001 units priced at $0.20 per unit, each unit containing one common share and half of a warrant to purchase an additional share at $0.25.
• Proceeds will be used for general working capital, administrative expenses, production/manufacturing costs, and research & clinical development.

Key Details

• Units Offered: 7,750,001 units @ $0.20 per unit = $1,550,000 gross proceeds.
• Unit Composition:
• 1 common share (Unit Share)
• 0.5 of a common‑share purchase warrant (each whole warrant allows purchase of 1 share at $0.25).
• Warrant Terms: Exercise price $0.25 per share, exercisable until February 10, 2029; subject to adjustment in certain events.
• Holding Period: Unit Shares and Warrants are subject to a four‑month hold period under Canadian securities laws.
• Closing Conditions: Completion pending all required approvals, including Toronto Stock Exchange approval.
• Use of Proceeds: Allocation to:
• General working capital
• General & administrative expenses
• Production and manufacturing expenditures
• Research and clinical development activities

Notable Quotes

(No direct quotes were provided in the release.)