FinCanna Capital (CALI-Cse) Closes Oversubscribed PP for $6.1 Million
July 3rd 2018 - NR
FinCanna Capital a royalty company for the U.S. licensed medical cannabis industry, announces that it has closed its oversubscribed private placement previously announced on June 15 and upsized on June 18, 27 and 29, 2018. The Company issued 20,396,535 Units at a price of $0.30 per unit for gross proceeds of $6,118,961. The Company anticipates some additional funds to be received within the week and will close these additional units at that time.
Each Unit consists of one common share of FinCanna and one common share purchase warrant. Each full warrant will be exercisable to acquire one common share of FinCanna at an exercise price of $0.45 for 24 months from the date of the closing of the Private Placement.
Andriyko Herchak, CEO of FinCanna, states, “Closing this financing equips FinCanna to close on our recent cannabis investment opportunities and further scale the business to leverage the ongoing paradigm shift in the industry. These companies can rapidly expand, and shareholders are positioned to benefit through their direct investment in FinCanna as a royalty company. We look forward to updating shareholders on our investee companies in the near future.”
All securities issued will be subject to a four-month hold period with expiring on October 30, 2018.
FinCanna intends to use the net proceeds from the Private Placement to fund additional royalty investment opportunities and the Company’s ongoing working capital and general corporate purposes.
FinCanna has paid a cash finder’s fee of 8% on a portion of the proceeds raised from subscriptions arranged by certain finders and / or warrants equal to 8% of the aggregate Units subscribed for pursuant to the subscriptions arranged by such finders. Each warrant shall be exercisable for one common share at a price of C$0.45 for a period of 24 months from closing. The lead finder in the non-brokered private placement is TriView Capital Ltd.
About FinCanna Capital Corp.
FinCanna provides financing to top-tier companies in the licensed medical cannabis industry in exchange for a royalty on revenues. FinCanna, led by a team of finance and industry experts, is building its diversified portfolio of royalty investments in scalable, best-in-class projects and companies in U.S. legal states, with a focus on California. For additional information visit www.fincannacapital.com and FinCanna’s profile at www.sedar.com.
FinCanna Capital Corp.
Andriyko Herchak, CEO & Director
Investor Relations:
Arlen Hansen
Kin Communications
1-866-684-6730
CALI@kincommunications.com |
