Business
Avicanna Closes Non-Brokered Private Placement with Group of Strategic Investors and Announces Warrant Re-Pricing
Avicanna Closes Non-Brokered Private Placement with Group of Strategic Investors and Annou...
About this update from Avicanna Inc
[{"type":"text","content":"\n\n\n\nAvicanna Closes Non-Brokered Private Placement with Group of Strategic Investors and Announces Warrant Re-Pricing\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, April 21, 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, April 21, 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 plant-derived cannabinoid-based products, is pleased to announce that it has closed a non-brokered private placement (the \"Offering\") with a group of strategic investors led by Tasly International Capital Limited, a division of Tasly Holding Group Co., Ltd., a large healthcare and pharmaceutical group in China (\"Tasly\"). \n\n \n \n \n \n \n \n\n \nNon-brokered Private Placement\nAras Azadian, Chief Executive Officer of Avicanna, commented, \"We are very happy to have concluded this financing during such challenging market conditions. When we initiated the financing, our stock price was depressed and the COVID-19 pandemic was making it difficult for all companies to raise money. However, we are fortunate to have reached our target raise and to have done so with strategic investors, including our long-term shareholders and new strategic partner, Tasly. Coupled with our reduced expenditure and re-focused business model, the money raised gives us the runway to execute our business plan. We are excited to announce the strategic investment from Tasly, as we believe this investment from the global pharmaceutical company is validation of Avicanna's pharmaceutical approach and a strategic first step in developing a working relationship which we anticipate will involve their participation in our pharmaceutical pipeline.\"\nPursuant to the Offering, the Company has issued an aggregate of 3,200,000 units (the \"Units\") at a price of CAD$0.80 per...