Avicanna Announces Closing of Non-Brokered Convertible Debenture Financing

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[{"type":"text","content":"\n \n \n \n Avicanna Announces Closing of Non-Brokered Convertible Debenture Financing\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n TORONTO, Nov. 2, 2020\n \n \n \n \n /NOT FOR DISTRIBUTION TO\n \n UNITED STATES\n \n NEWSWIRE SERVICES OR FOR DISSEMINATION IN\n \n THE UNITED STATES\n \n . ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF\n \n UNITED STATES\n \n SECURITIES LAWS/\n \n \n \n TORONTO\n \n ,\n \n Nov. 2, 2020\n \n /CNW/ - Avicanna Inc. (\"\n \n Avicanna\n \n \" or the \"\n \n Company\n \n \") (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a biopharmaceutical company focused on the development, manufacturing and commercialization of cannabinoid-based products, is pleased to announce the closing of a non-brokered convertible debenture financing (the \"\n \n Offering\n \n \"), pursuant to which the Company has issued convertible debentures of the Company (each, a \"\n \n Debenture\n \n \") with an aggregate Face Principal Amount (as defined herein) of\n \n $1,100,000\n \n . In connection with the Offering, the Company also issued an aggregate of 550,000 common share purchase warrants (each, a \"\n \n Warrant\n \n \") to subscribers.\n \n \n \n \n \n \n \n \n \n The Debentures bear interest at 8.0% per annum and will mature on the date that is 12 months from the date of issuance (the \"\n \n Maturity Date\n \n \"). The first year of interest is payable in advance on the date of issuance and has been capitalized and added into the principal amount (such aggregate amount being, the \"\n \n Face Principal Amount\n \n \"). Subscribers also received a commitment fee (the \"\n \n Commitment Fee\n \n \") in connection with their subscription for the Debentures, payable in cash on the closing of the Offering. The Commitment Fee payable to subscribers was 4% of the Face Principal Amount. The Face Principal Amount is convertible into common shares in the capital of the Company (\"\n \n Common Shares\n \n \") at the election of the holder at a conversion price of\n \n $1.00\n \n per Common Share (the \"\n \n Convers...

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