FinCanna Capital Closes Oversubscribed Private Placement for $2.9 million
April 29th, 2022
News, Top News
VANCOUVER, BC / ACCESSWIRE / April 29, 2022 / FinCanna Capital Corp. (“FinCanna“) (the “Company”)(CSE:CALI) (OTCQB:FNNZF) an investment company focused on the U.S. licensed cannabis industry, reports that it has successfully closed its previously announced non-brokered private placement. Following higher than anticipated demand the Company increased the size of its initially announced offering of $2.0 million to raise final closing gross proceeds of$2,905,500 (the “Private Placement”). Accordingly, the Company has issued 29,055,000 Units at a price of $0.10 per unit.
Each unit consists of one common share of FinCanna and one common share purchase warrant (a “Unit”). Each warrant is exercisable to acquire one common share of FinCanna at an exercise price of $0.20 for a period of 24 months from the date of the closing of the Private Placement. The warrants are subject to acceleration at FinCanna’s discretion on the 30th day after FinCanna gives notice in the event that FinCanna’s common shares trade on the CSE on a volume weighted average price (“VWAP”) basis of $0.30 or more for a period of 10 trading days. If at any time during the term of the warrants the closing price (or closing bid price on days when there are no trades) of FinCanna’s common shares quoted on the Canadian Securities Exchange is equal to or greater than $0.30 per common share for 10 consecutive trading days, then FinCanna shall have the right to accelerate the warrant expiry date to the 30th day after the date on which FinCanna gives notice to the subscriber in accordance with the certificates representing the warrants.
All securities issued are subject to a four-month hold period expiring on August 29, 2022.
FinCanna intends to use the net proceeds from the Private Placement to fund the new “manufacturing to retail” revenue model of its portfolio company QVI, Inc., working capital, and for general corporate purposes.
FinCanna has agreed to pay a finder’s fee by way of cash and/or warrants equal to 7% of the aggregate Units subscribed for pursuant to the subscriptions arranged by such finders. Each warrant is exercisable for one common share at a price of $0.20 for a period of 24 months following the closing date of the Private Placement.
About FinCanna Capital Corp.
FinCanna is an investment company that provides growth capital to rapidly emerging private companies operating in the licensed U.S cannabis industry. FinCanna is focused on delivering high impact returns to its shareholders by way of a strategically diversified investment portfolio.
FinCanna Capital Corp.
Andriyko Herchak, CEO & Director
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking information based on current expectations. Statements about, among other things the use of proceeds of the Private Placement are all forward-looking information. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Such factors include but are not limited to the ability of the Company to find suitable investment opportunities. Although such statements are based on management’s reasonable assumptions at the date such statements are made, there can be no assurance that the Company will be able to use the funds as set out in the use of proceeds, and that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. Accordingly, readers should not place undue reliance on the forward-looking information. FinCanna assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by applicable law.
SOURCE: FinCanna Capital Corp.
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