Le Lézard
Classified in: Health, Science and technology, Business
Subject: FINANCING AGREEMENTS

Avicanna Announces Closing of Non-brokered Private Placement


TORONTO, April 18, 2024 (GLOBE NEWSWIRE) -- 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 offering of 5,313,959 ??units of the Company (the "Units") at a price of $0.40 per Unit for aggregate gross proceeds of approximately of $2,125,000.

"We are very grateful to have the continued confidence of our shareholders and to have completed this financing at a very exciting time for the Company. We are confident that this financing sets us on the path to deliver on our expansion and commercialization plans and to move towards achieving self-sufficiency during this year," stated Aras Azadian, CEO.

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.

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 $0.55 per share, subject to adjustment in certain events, until April 18, 2027. The Company has paid an aggregate total of $31,499.98 in cash finders' fees and issued an aggregate total of 78,750 finder's warrants (each a "Finder Warrant") 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 $0.55 per share, subject to adjustment in certain events, until April 18, 2027.

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 a commercial-stage international biopharmaceutical company focused on the advancement and commercialization of cannabinoid-based products and formulations for the global medical and pharmaceutical market segments. Avicanna has an established scientific platform including R&D and clinical development leading to the commercialization of more than thirty proprietary, evidence-based finished products and supporting four commercial stage business pillars.

SOURCE Avicanna Inc
Stay Connected 

For more information about Avicanna, visit our website, contact Ivana Maric by email at [email protected] or follow us on social media on?LinkedIn,?Twitter,?Facebook,?or?Instagram

The Company posts updates through videos from the Company YouTube channel. 

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 using words such as, "may", "would", "could", "will", "likely", "expect", "anticipate", "believe", "intend", "plan", "forecast", "project", "estimate", "outlook" and other similar expressions. 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 April 1, 2024 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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