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Avicanna Inc
Symbol AVCN
Shares Issued 53,412,850
Close 2022-05-06 C$ 0.295
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Avicanna closes $1.47-million private placement

2022-05-06 17:26 ET - News Release

An anonymous director reports

AVICANNA ANNOUNCES CLOSING OF STRATEGIC PRIVATE PLACEMENT

Avicanna Inc. has closed a strategic non-brokered private placement offering of 4,210,931 units of the company at a price of 35 cents per unit for aggregate gross proceeds of approximately $1,475,000. Each unit comprises one common share in the capital of the company and one-half of one common share purchase warrant of the company. Each warrant shall entitle the holder thereof to acquire one common share at an exercise price of 40 cents per share, subject to adjustment in certain events, for a period of 36 months.

The lead investor in the offering was Ei.Ventures Inc. or Emotional Intelligence Ventures, a technology company that seeks to empower mental wellness through psychoactive compounds, nutraceuticals and technology, with additional participation from other investors.

David Nikzad, chief executive officer of Ei.Ventures, commented: "We are excited to make this strategic investment in Avicanna. We believe in the Avicanna team for the development and advancement of proprietary plant-based formulations, and we intend to bring our blockchain, Web3 and metaverse assets to support the continued success of Avicanna and its products."

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, 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 evidence-based cannabinoid-based products for the global medical and pharmaceutical market segments. Avicanna has an established scientific platform, including research and development, and clinical development, that has led to the commercialization of more than 30 products across various 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 controlled dosing, enhanced absorption and stability studies supported by preclinical data. The formulary is marketed with consumer, patient and medical community education and training.
  • 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.

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