Mr. Andriyko Herchak reports
FINCANNA INCREASES PRIVATE PLACEMENT TO $2 MILLION
Fincanna Capital Corp., following higher than anticipated demand, has increased the size of its previously announced non-brokered private placement financing from $1.5-million to $2-million. Fincanna will now issue up to 16 million units at a purchase price of 12.5 cents per unit. Each unit will consist of one common share of Fincanna and one-half of one common share purchase warrant. Each full warrant will be exercisable to acquire one common share of Fincanna at an exercise price of 18 cents for 24 months from the date of the closing of the private placement.
The company may pay finders fees on a portion of the offering, subject to compliance with the policies of the Canadian Securities Exchange and applicable securities legislation.
The closing of the private placement is subject to the receipt of all necessary regulatory approvals, including the approval of the Canadian Securities Exchange. All securities issued pursuant to the private placement will be subject to a four-month hold period in accordance with applicable Canadian securities laws. There is no material fact or material change regarding Fincanna that has not been generally disclosed.
Fincanna intends to use the net proceeds from the private placement to finance additional royalty investment opportunities and the company's continuing working capital and general corporate purposes.
About Fincanna Capital Corp.
Fincanna is a royalty company that provides growth capital to rapidly emerging private companies operating in the licensed United States cannabis industry. The company earns its revenue from royalties paid by its investee companies that are calculated based on a percentage their total revenues.
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