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Avicanna Closes First Tranche of Private Placement
Avicanna Closes First Tranche of Private Placement Canada NewsWire TORONTO, Jan....
About this update from Avicanna Inc
[{"type":"text","content":"\n\n\n\nAvicanna Closes First Tranche of Private Placement\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\nCanada NewsWire\nTORONTO, Jan. 24, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAWS/\n TORONTO, Jan. 24, 2020 /CNW/ - Avicanna Inc. (\"Avicanna\" or the \"Company\") (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a biopharmaceutical company focused on the development, manufacturing and commercialization of organic and sustainable plant-derived cannabinoid-based products, is pleased to announce that it has closed the first tranche of an up to CAD$9,000,000 non-brokered private placement (the \"Offering\"). Under the first tranche of the Offering, the Company has issued an aggregate of 822,721 Units (the \"Units\") at a price of CAD$2.50 per Unit, for aggregate gross proceeds of approximately CAD$2.06 million. The Company has also received additional subscription agreements for an additional CAD$4 million, which it expects to close on in one or more further tranches on the same terms.  \n\n \n \n\n \nEach Unit was comprised of one (1) common share in the capital of the Company (each, a \"Common Share\") and one-half of one (1/2) common share purchase warrant (each whole warrant, a \"Warrant\"). Each Warrant is exercisable into one common share in the capital of the Company (each, a \"Warrant Share\") at a price of CAD$3.00 per Warrant Share until January 24, 2023, subject to the Company's right to accelerate the expiry date of the Warrants upon thirty (30) days' notice in the event that the ten (10) day volume weighted average trading price of the Common Shares (subject to the average trading volume per day being at least 30,000 Common Shares) is equal to or exceeds CAD$4.00 on the Toronto Stock Exchange.\nThe Company intends to use the proceeds from the Offering for corporate development and general working capital purposes. In addition, Avicanna has an unused USD$5 million credit facility available...