Avicanna Inc. (“Avicanna
” or the
”) (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 4,210,931 units of the
Company (the “Units
”) at a price of $0.35 per Unit
for aggregate gross proceeds of approximately $1.475 million (the
”). Each Unit is comprised of one common
share in the capital of the Company (each, a “Common
”) and one-half of one (0.5) Common Share purchase
warrant of the Company (each whole warrant, a
”). 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 lead investor in the Offering was
Ei.Ventures, Inc., or Emotional Intelligence Ventures,
(“Ei.Ventures”), a technology company which seeks
to empower mental wellness through psychoactive compounds,
nutraceuticals and technology, with additional participation from
David Nikzad, CEO 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, 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.
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 2022
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
on LinkedIn, Twitter, Facebook or Instagram.
The Company posts updates through videos from the official
Company YouTube channel.
Cautionary Note Regarding Forward-Looking Information
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, potential collaborations with Ei.Venture, 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
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