- Avicanna (AVCN) has obtained a secured term loan in the principal amount of $2,118,000, due October 19, 2022
- Avicanna intends to issue common share purchase warrants to the lender following the revocation of the failure-to-file cease trade order (FFCTO) issued by the OSC on June 11
- The term loan and issuance of the warrants are subject to the receipt of all necessary approvals, including the final approval of the TSX
- Avicanna is a diversified Canadian biopharmaceutical company focused on the development and commercialization of plant-derived cannabinoid-based products
- Avicanna Inc. (AVCN) last traded on June 11 at $1.08 per share
Avicanna (AVCN) has obtained a secured term loan in the principal amount of $2,118,000.
The loan is subject to an original issue discount of approximately 15 per cent, such that $1,800,000 was advanced to the company. The term loan is due October 19, 2022.
In connection with the loan, Avicanna intends to issue common share purchase warrants to the lender following the revocation of the failure-to-file cease trade order (FFCTO) issued by the Ontario Securities Commission on June 11, 2021, and the resumption of trading on the Toronto Stock Exchange.
The Ontario Securities Commission issued an order dated July 30, allowing Avicanna to complete the transactions contemplated by the loan, including the issuance of the warrants. The FFCTO continues to apply in all other respects.
The warrants and any common shares issued will be subject to a statutory four-month hold period in accordance with applicable securities laws.
The term loan and issuance of the warrants are subject to the receipt of all necessary approvals, including the final approval of the TSX.
Avicanna is a diversified Canadian biopharmaceutical company focused on the development and commercialization of plant-derived cannabinoid-based products for the global consumer, medical, and pharmaceutical market segments.
Avicanna Inc. (AVCN) last traded on June 11 at $1.08 per share.
