Avicanna Completes Non-Brokered Private Placement
TORONTO – Avicanna Inc. (“Avicanna” or the “Company”) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a global biopharmaceutical company focused on cannabinoid-based products, is excited to announce the successful conclusion of a non-brokered private placement. This offering included 6,620,692 units priced at $0.30 each, generating gross proceeds of $1,986,207.
Offering Details
Each unit in this offering consists of one common share and one-half of a common share purchase warrant. These warrants allow holders to purchase one additional common share at an exercise price of $0.40 per share, with certain adjustments possible under specified conditions, and they are valid until August 28, 2027.
Allocation of Proceeds
The funds raised from this offering are designated for multiple purposes, including general working capital, administrative costs, research and clinical development initiatives, and repaying existing debt. This financial boost will significantly strengthen Avicanna's operations and aid in the launch and development of its innovative products.
Conditions and Finder's Fees
The private placement is subject to regulatory approvals, including clearance from the Toronto Stock Exchange. Avicanna has compensated finders with a total of $58,503 in cash fees and issued 195,010 warrants. Each finder's warrant permits the holder to buy one common share at an exercise price of $0.40, valid until August 28, 2027.
About Avicanna Inc.
Avicanna is a leader in the biopharmaceutical industry, focusing on the development of cannabinoid-based products designed for the global medical and pharmaceutical markets. The Company has a strong scientific foundation that supports research and development, leading to the commercialization of over thirty proprietary, evidence-based products.
Medical Cannabis Formulary
Avicanna’s formulary, RHO Phyto™, features a diverse array of proprietary products suitable for various delivery methods, such as oral, sublingual, topical, and transdermal. This well-established brand is recognized in Canada and is making progress in international markets while actively educating healthcare professionals and patients.
Medical Cannabis Care Platform
Additionally, Avicanna operates MyMedi.ca, a specialized platform for medical cannabis that enhances the overall patient experience. This platform is designed to cater to various patient needs and includes programs led by bilingual pharmacists. It also partners with payers to improve patient access to medical cannabis.
Pharmaceutical Products and Pipeline
Avicanna is advancing its pipeline of proprietary pharmaceutical products as well. The Company has received approval for its drug Trunerox™ as an adjunct treatment for certain seizure disorders, marking a significant achievement for its pharmaceutical offerings.
Active Pharmaceutical Ingredients
Avicanna’s subsidiary, Santa Marta Golden Hemp SAS, plays an essential role in supplying high-quality CBD, THC, and CBG. These active pharmaceutical ingredients are vital for Avicanna’s extensive product range across various industries, including food, cosmetics, and pharmaceuticals.
Contact Avicanna
For those interested in learning more about Avicanna, visit their official website. For inquiries, Ivana Maric can be reached via email at info@avicanna.com. Moreover, Avicanna maintains an active presence on social media, providing ongoing updates and insights into their business activities.
Frequently Asked Questions
What is the significance of the recently closed private placement?
The private placement allows Avicanna to raise essential capital to support its operations and product development, positioning the company for future growth.
What does each unit in the private placement entail?
Each unit consists of one common share and a warrant that enables the holder to purchase an additional common share at a set price.
How will Avicanna use the funds from this offering?
The funds will be directed towards working capital, administrative expenses, research and clinical development, as well as repaying existing debt.
What products does Avicanna offer in the cannabinoid market?
Avicanna has developed a wide range of cannabinoid-based products across various applications, including medical formulations, consumer products, and pharmaceuticals.
How can I contact Avicanna for more information?
For inquiries, individuals can reach out to Ivana Maric at info@avicanna.com or visit their website for additional information.
