CBD-Focused Avicanna Announces Funding Boost For Research And Development

Cannabinoid-based biopharmaceutical company Avicanna Inc. (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) announced on Monday that it has closed a non-brokered private placement offering of 2,537,508 ‎‎units of the company at $0.35 per unit for aggregate gross proceeds of $888,127.80.

The Details

Each unit is comprised of one common share in the capital of the company and one-half of one common share purchase warrant of the company. Each warrant shall entitle the holder thereof to acquire one common share in the capital of the company at an exercise price of $0.41 per share, subject to adjustment in certain events until Dec. 4, 2026.

The company has paid an aggregate total of $29,977.50 in cash finders' fees and issued an aggregate total of 85,650 finder's warrants in connection with the offering to certain finders in connection with subscriptions for units made by purchasers introduced to the company by such finders.

Each finder warrant entitles the holder thereof to acquire one common share in the capital of the company at an exercise price of $0.41 per share, subject to adjustment in certain events, until Dec. 4, 2026.

Why It Matters

Avicanna intends to use the proceeds from the offering for general working capital purposes, general and administrative expenses, expenditures related to production and manufacturing, and research and clinical development.

AVCNF Price Action

Avicanna’s shares traded 7.1840% higher at $0.3533 per share after the market close on Monday.

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