Avicanna Inc. (“
Avicanna” or the
“
Company”) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN),
a commercial stage, international biopharmaceutical company focused
on the development advancement, and commercialization of
evidence-based, cannabinoid-based products, is pleased to announce
that it has closed a non-brokered private placement offering of
7,210,194 units of the Company (the “
Units”) at
a price of $0.35 per Unit for aggregate gross proceeds of
approximately $2.5 million (the “
Offering”). Each
Unit is comprised of one common share in the capital of the Company
(each, a “
Unit Share”) and one-half of one (0.5)
common share purchase warrant of the Company (each whole warrant, a
“
Warrant”); and, each Warrant shall entitle the
holder thereof to acquire one (1) common share in the capital of
the Company at an exercise price of $0.40 per share, subject to
adjustment in certain events, until March 31, 2025.
The Company has paid an aggregate total of
approximately $32,500 in cash finders' fees and issued an aggregate
total of 92,857 finder's warrants (each a “Finder
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 $0.40 per share,
subject to adjustment in certain events, until March 31, 2025.
The Company 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 thereof, 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.
About Avicanna Inc.
Avicanna is an innovative, commercial-stage, and
international biopharmaceutical company focused on the development,
advancement, and commercialization of evidence-based
cannabinoid-based products for the global consumer, as well as
medical and pharmaceutical market segments. In leading global
cannabinoid advancements, the Company actively collaborates with
leading Canadian academic and medical institutions. Avicanna has
established an scientific platform including R&D and clinical
development that has led to the commercialization of more than
thirty products across four main market segments:
Medical Cannabis & Wellness
Products: Marketed under the RHO Phyto™ brand these
medical and wellness products are a line of pharmaceutical-grade
cannabinoid products containing varying ratios of cannabidiol
(“CBD”) and tetrahydrocannabinol (“THC”). The product portfolio
contains a full formulary of products including oral, sublingual,
topical, and transdermal deliveries that have been designed for
controlled dosing, enhanced absorption and stability studies
supported by pre-clinical data. The formulary is marketed with
consumer, patient and medical-community education and training.
CBD Derma-Cosmetic Products:
Marketed under the Pura H&W™ or Pura Earth™ brands, these
registered, clinically tested, derma-cosmetic products include a
portfolio of functional CBD topical products.
Pharmaceutical Pipeline:
Leveraging Avicanna’s scientific platform, vertical integration,
and real-world evidence, Avicanna has created a pipeline of
patent-pending drug candidates that are indication-specific and in
various stages of clinical development and commercialization. These
cannabinoid-based drug candidates look to address unmet medical
needs in the areas of dermatology, chronic pain, and various
neurological disorders. Avicanna’s first pharmaceutical preparation
(Trunerox™) is in the drug registration stage in South America.
Cannabinoid Raw Materials:
Marketed under the Aureus™ brand, the Company’s raw material
business has successfully completed sales to 12 countries. Aureus™
offers cannabis dried flower, standardized seeds, full-spectrum
extracts, and cannabinoid distillates, isolated cannabinoids such
as CBD, THC, cannabigerol (“CBG”) and other rare cannabinoids.
Aureus™ products are produced at Santa Marta Golden Hemp S.A.S, the
Company’s majority-owned subsidiary in Colombia, which is also GACP
certified and has United States Department of Agriculture USDA
National Organic Program certification for its hemp cultivar.
SOURCE Avicanna Inc.
Stay Connected
For more information about Avicanna, visit
www.avicanna.com, contact Ivana Maric by email at info@avicanna.com
or follow us on social media on LinkedIn, Twitter, Facebook or
Instagram.
The Company posts updates through videos from
the official Company YouTube channel
https://www.youtube.com/channel/UCFXPBGdKSxOUOf_VZoSFSUA.
Cautionary Note Regarding Forward-Looking
Information and Statements
This news release contains “forward-looking
information” within the meaning of applicable securities laws.
Forward-looking information contained in this news release may be
identified by the use of words such as, “may”, “would”, “could”,
“will”, “likely”, “expect”, “anticipate”, “believe, “intend”,
“plan”, “forecast”, “project”, “estimate”, “outlook” and other
similar expressions. Forward-looking information contained in this
news release includes, without limitation, statements related to
the Offering, the use of the proceeds of the Offering, the receipt
of all approvals of the Toronto Stock Exchange in connection with
the Offering, statements with respect to the Company's future
business operations, the opinions or beliefs of management and
future business goals. Although the Company believes that the
expectations and assumptions on which such forward looking
information is based are reasonable, undue reliance should not be
placed on the forward-looking information because the Company can
give no assurance that they will prove to be correct. Actual
results and developments may differ materially from those
contemplated by these statements. Forward-looking information is
subject to a variety of risks and uncertainties that could cause
actual events or results to differ materially from those projected
in the forward-looking information. Such risks and uncertainties
include, but are not limited to current and future market
conditions, including the market price of the common shares of the
Company, and the risk factors set out in the Company’s annual
information form dated September 3, 2021 and final short form
prospectus dated November 27, 2020, filed with the Canadian
securities regulators and available under the Company’s profile on
SEDAR at www.sedar.com. The statements in this news release are
made as of the date of this release. The Company disclaims any
intent or obligation to update any forward-looking information,
whether as a result of new information, future events or results or
otherwise, other than as required by applicable securities
laws.
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