Avicanna Inc (TSX:AVCN, OTCQX:AVCNF) has announced the promotion of Phillip Cardella to the role of chief financial officer (CFO) effective immediately, having served as the company’s interim CFO since May 2022.
Previously, Cardella held the position of senior vice president of finance at the company, and prior to joining Avicanna, he practiced accounting with MNP LLP.
The company also said it has closed a non-brokered private placement offering 5,054,562 units of the company at a price of $0.35 each for aggregate gross proceeds of around $1.769 million.
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Each unit in the offering comprises one common share in the capital of the company and one-half of a common share purchase warrant.
Each warrant shall entitle the holder to acquire one common share in the capital of the company at an exercise price of $0.40 per share, subject to adjustment in certain events, until December 21, 2025.
The company said it has paid an aggregate total of around $5,499.90 in cash finders' fees in connection with the offering to certain finders in connection with subscriptions for units made by purchasers introduced to the company by such finders.
It said it 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.
The unit shares and 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.
The company has an established scientific platform, including R&D and clinical development, that has led to the commercialization of more than 30 products across various market segments.
Contact the author at jon.hopkins@proactiveinvestors.com