Avicanna Announces Closing of Strategic Private Placement
Avicanna Inc. (“Avicanna” or the “Company”) (TSX: AVCN) (OTCQX:
AVCNF) (FSE: 0NN), a commercial stage, international
biopharmaceutical company focused on the commercialization of
evidence-based, cannabinoid-based products, is pleased to announce
that it has closed a strategic non-brokered private placement
offering of 7,949,433 units of the Company (the “Units”) at a
price of $0.35 per Unit for aggregate gross proceeds of
approximately $2.782 million (the “Offering”). Each Unit is
comprised of one common share in the capital of the Company (each,
a “Common Share”) and one-half of one (0.5) Common Share purchase
warrant of the Company (each whole warrant, a “Warrant”). Each
Warrant shall entitle the holder thereof to acquire one (1) Common
Share at an exercise price of $0.40 per share, subject to
adjustment in certain events, for a period of 36 months.
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, 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 R&D and clinical
development that has led to the commercialization of more than
thirty products across various market segments:
Medical Cannabis & 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 pre-clinical 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.
Click to watch Avicanna’s Corporate Video
SOURCE Avicanna Inc.
For more information about Avicanna, visit
www.avicanna.com, contact Ivana Maric by email at email@example.com
or follow us on social media on LinkedIn, Twitter, Facebook or
The Company posts updates through videos from
the official Company YouTube channel.
Cautionary Note Regarding Forward-Looking
Information and Statements
This news release contains “forward-looking
information” within the meaning of applicable securities laws.
Forward-looking information contained in this news release may be
identified by the use of words such as, “may”, “would”, “could”,
“will”, “likely”, “expect”, “anticipate”, “believe, “intend”,
“plan”, “forecast”, “project”, “estimate”, “outlook” and other
similar expressions. Forward-looking information contained in this
news release includes, without limitation, statements related to
the Offering, the use of the proceeds of the Offering, the receipt
of all approvals of the Toronto Stock Exchange in connection with
the Offering, statements with respect to the Company’s future
business operations, the opinions or beliefs of management and
future business goals. Although the Company believes that the
expectations and assumptions on which such forward looking
information is based are reasonable, undue reliance should not be
placed on the forward-looking information because the Company can
give no assurance that they will prove to be correct. Actual
results and developments may differ materially from those
contemplated by these statements. Forward-looking information is
subject to a variety of risks and uncertainties that could cause
actual events or results to differ materially from those projected
in the forward-looking information. Such risks and uncertainties
include, but are not limited to current and future market
conditions, including the market price of the common shares of the
Company, and the risk factors set out in the Company’s annual
information form dated March 31, 2022 filed with the Canadian
securities regulators and available under the Company’s profile on
SEDAR at www.sedar.com. The statements in this news release are
made as of the date of this release. The Company disclaims any
intent or obligation to update any forward-looking information,
whether as a result of new information, future events or results or
otherwise, other than as required by applicable securities
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