Avicanna Inc. ("
Avicanna", or the
"
Company") (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN)
is pleased to announce that further to the closing of its marketed
public offering of 5,966,900 units (“
Units”) of
the Company at a price of $0.85 per Unit which occurred on December
8, 2020 (the “
Offering”), the Agents (as defined
below) have exercised their over-allotment option (the
"
Over-Allotment Option") in full to sell an
additional 895,034 Units at a price of $0.85 per Unit, for gross
proceeds of approximately $760,780.
Including the Units sold pursuant to the
Over-Allotment Option, a total of 6,861,934 Units were issued under
the Offering for aggregate gross proceeds of approximately
$5,832,645. Each Unit is comprised of one common share of the
Company (each a “Common Share”) and one-half of
one common share purchase warrant of the Company (each full
warrant, a “Warrant” and collectively the
“Warrants”). Each Warrant is exercisable for one
Common Share at a price of $1.20 per share until December 8,
2023.
The Offering was conducted on a “best efforts”
basis by a syndicate of agents led by Echelon Wealth Partners Inc.,
as lead agent and sole-bookrunner, and including Beacon Securities
Limited and Canaccord Genuity Corp. (collectively, the
“Agents”).
The Company intends to use the net proceeds of
the Offering, including those proceeds raised in connection with
the exercise of the Over-Allotment Option, for product development,
working capital and general corporate purposes, as further
described in the Company’s short form prospectus dated November 27,
2020, a copy of which is available under the Company’s profile at
www.sedar.com.
The securities described in this press release
have not been and will not be registered under the United States
Securities Act of 1933, as amended (“U.S. Securities
Act”) or any state securities laws. Accordingly, the
securities may not be offered or sold in the United States (as such
term is defined in Regulation S under the U.S. Securities Act) or
to, or for the account or benefit of, a U.S. person (as such term
is defined in Regulation S under the U.S. Securities Act) except
pursuant to transactions exempt from registration under the U.S.
Securities Act and under the securities laws of any applicable
state. This news release does not constitute an offer to sell or a
solicitation of an offer to sell any of securities in the United
States.
About Avicanna Inc.
Avicanna is a diversified and vertically
integrated Canadian biopharmaceutical company focused on the
research, development, and commercialization of plant-derived
cannabinoid-based products for the global consumer, medical, and
pharmaceutical market segments.
Avicanna is an established leader in cannabinoid
research and development, which it primarily conducts at its
R&D headquarters in the Johnson & Johnson Innovation
Centre, JLABS @ Toronto, Canada and in collaboration with leading
Canadian academic and medical institutions. In addition to its
developing pharmaceutical pipeline, Avicanna's team of experts have
developed and commercialized several industry leading product
lines, including:
- Pura H&W™: an advanced and
clinically tested line of CBD consumer derma-cosmetic products;
and,
- RHO Phyto™: an advanced line of
medical cannabis products containing varying ratios of CBD and THC
currently available nation-wide across Canada in partnership with
Medical Cannabis by Shoppers™, a subsidiary of Shoppers Drug Mart.
RHO Phyto is the first strictly medical formulary of advanced
"Cannabis 2.0" products, containing oils, sprays, capsules, creams,
and gels, all 2 developed with scientific rigour, manufactured
under GMP standards and supported by pre-clinical data.
With ongoing clinical trials on its
derma-cosmetic (Pura H&W), medical cannabis (RHO Phyto) and a
pipeline of pharmaceutical products, Avicanna's dedication to
researching the important role that cannabinoids play in an
increasingly wider scope of products has been at the core of the
Company's vision since its inception. Furthermore, Avicanna's
commitment to education is demonstrated through its annual medical
symposium, the Avicanna Academy educational platform, and the My
Cannabis Clinic patient program through its subsidiary company.
Avicanna manages its own supply chain including
cultivation and extraction through its two majority-owned
subsidiaries, Sativa Nativa S.A.S. and Santa Marta Golden Hemp
S.A.S., both located in Santa Marta, Colombia. Through these
sustainable, economical, and industrial scale subsidiaries,
Avicanna cultivates, processes, and commercializes a range of
cannabis and hemp cultivars dominant in CBD, CBG, THC, and other
cannabinoids for use as active pharmaceutical ingredients.
Avicanna's Avesta Genetica program specializes in the development
and optimization of rare cultivars for commercial production along
with feminized seeds for global export. In June 2020, Avicanna made
history with a shipment of hemp seeds to the United States of
America by completing the first ever export of hemp seeds from
Colombia.
SOURCE: Avicanna Inc.
Stay Connected
For more information about Avicanna, visit
www.avicanna.com, call 1-647-243-5283, or contact Setu Purohit,
President by email at info@avicanna.com.
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 press 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. The forward-looking information contained in
this news release is based on certain key expectations and
assumptions made by the Company, including satisfaction of
regulatory requirements in various jurisdictions and the use of
proceeds from the Offering.
Forward-looking information is not a guarantee
of future performance and is based upon a number of estimates and
assumptions of management in light of management's experience and
perception of trends, current conditions and expected developments,
as well as other factors relevant in the circumstances, including
assumptions in respect of current and future market conditions, the
current and future regulatory environment; and the availability of
licenses, approvals and permits. 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, the delay or failure to receive regulatory approvals, and
the risk factors set out in the Company's annual information form
dated April 15, 2020, filed with the Canadian securities regulators
and available under the Company's profile on SEDAR at
www.sedar.com.
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