Avicanna closes $1-million private placement

Executive Summary

• Avicanna Inc. has closed a non-brokered private placement of 4 million units, raising $1 million in aggregate gross proceeds.
• Each unit consists of one common share and a half-warrant, with warrants exercisable at $0.30 per share until July 16, 2028.
• Proceeds are designated for general working capital, G&A expenses, production/manufacturing expenditures, and research and clinical development.

Key Details

• Transaction Structure: Non-brokered private placement.
• Units Sold: 4,000,000 units.
• Price Per Unit: $0.25 CAD.
• Aggregate Gross Proceeds: $1,000,000 CAD.
• Unit Composition: Each unit comprises one common share and one-half (0.5) of a common share purchase warrant.
• Warrant Terms:
  • Entitles holder to acquire one common share.
  • Exercise Price: $0.30 per share (subject to adjustment).
  • Expiration Date: July 16, 2028.
• Use of Proceeds: General working capital, general and administrative expenses, expenditures related to production and manufacturing, and research and clinical development.
• Regulatory/Market Conditions: Subject to receipt of necessary approvals, including approval from the Toronto Stock Exchange.
• Hold Period: A four-month hold period applies to the unit shares, warrants, and any securities issuable upon conversion or exercise under applicable Canadian securities laws.

Notable Quotes

• None provided in the text.