Mr. Andriyko Herchak reports
FINCANNA MANAGEMENT SUBSCRIBES TO $500,000 OF THE CONVERTIBLE DEBENTURE
Fincanna Capital Corp. has closed its convertible debenture financing for $2.5-million.
The subscription price is $1,000 per unit. The debentures will mature on Feb. 8, 2023, and will bear interest at 12 per cent per annum, payable in cash or, at the option of the subscriber, in common shares of Fincanna subject to certain conditions. The debenture is convertible into common shares at 15 cents per share. Subscribers for debentures will receive 5,000 common share purchase warrants for each unit of principal amount of debenture. Each warrant will entitle the holder to acquire one common share of Fincanna for 30 cents at any time up to the maturity date.
The Fincanna management team subscribed for $500,000 principal amount of the debentures.
Fincanna intends to use the net proceeds from the convertible debenture to finance continuing working capital and general corporate purposes as well as selective royalty investment opportunities.
"We are very encouraged by the strong support from several key debenture holders, shareholders and management," said Andriyko Herchak, chief executive officer of Fincanna Capital. "These additional funds together with the previously announced extension of the convertible debentures, now maturing in February, 2023, have significantly strengthened our balance sheet at a time when our investees are ramping up their sales and royalties for Fincanna, which we believe will have very meaningful impact to our bottom line."
About Fincanna Capital Corp.
Fincanna is a royalty company that provides growth capital to rapidly emerging private companies operating in the licensed U.S. cannabis industry.
We seek Safe Harbor.
© 2020 Canjex Publishing Ltd. All rights reserved.