06:32:08 EDT Mon 15 Aug 2022
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Avicanna Inc
Symbol AVCN
Shares Issued 45,884,282
Close 2022-03-31 C$ 0.325
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Avicanna closes $2.5-million private placement

2022-03-31 18:03 ET - News Release

Ms. Ivana Maric reports


Avicanna Inc. has closed a non-brokered private placement offering of 7,210,194 units of the company at a price of 35 cents per unit for aggregate gross proceeds of approximately $2.5-million. Each unit comprises one common share in the capital of the company and one-half of one common share purchase warrant of the company, and each warrant shall entitle the holder thereof to acquire one common share in the capital of the company at an exercise price of 40 cents 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 finders' 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's warrant entitles the holder thereof to acquire one common share in the capital of the company at an exercise price of 40 cents 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 research and development (R&D) and clinical development, that has led to the commercialization of more than 30 products across four main market segments:

  • Medical cannabis and 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 preclinical 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, and 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.

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