Avicanna Inc (TSX:AVCN, OTCQX:AVCNF) announced that it has closed a financing designed to boost its production and manufacturing capacity and research expenses, among other things.
The company issued 1,790,750 units at a price of $0.35 per unit for aggregate gross proceeds of around $626,762.50.
Each unit is comprised of one share and one-half of one warrant that entitles the holder to acquire one share at an exercise price of $0.40 per share, subject to adjustment in certain events, until November 10, 2025.
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Avicanna paid a total of about $13,649.83 in cash finders' fees and issued an aggregate total of 39,000 finder's warrants in connection with the offering. Each finder warrant entitles the holder to acquire one Avicanna at an exercise price of $0.40 per share, subject to adjustment in certain events, until November 10, 2025.
The company 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.
Avicanna is a commercial-stage, international biopharmaceutical company focused on the commercialization of evidence-based, cannabinoid-based products.
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