- Avicanna (AVCN) has closed a non-brokered private placement offering for gross proceeds of approximately $2.782 million
- The company issued 7,949,433 units for $0.35 per unit
- Avicanna plans to use the proceeds from the offering for general working capital purposes and manufacturing, research and clinical development
- Avicanna is a commercial-stage international biopharmaceutical company
- Avicanna Inc. (AVCN) is unchanged, trading at $0.36 at 10:26 AM ET
Avicanna (AVCN) has closed a non-brokered private placement for gross proceeds of approximately $2.782 million.
The company issued 7,949,433 units for $0.35 per unit. Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant shall entitle the holder to acquire one additional share for 36 months.
Avicanna plans to use the proceeds from the offering for general working capital purposes, general and administrative expenses, and expenditures related to production and manufacturing, research and clinical development.
The unit shares, warrants, and any securities issuable upon conversion or exercise are subject to a four-month hold period under applicable securities 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.
Avicanna is a commercial-stage international biopharmaceutical company focused on the advancement and commercialization of evidence-based cannabinoid-based products for the global medical and pharmaceutical market segments.
Avicanna Inc. (AVCN) is unchanged, trading at $0.36 at 10:26 AM ET.