FinCanna Capital (CALI-Cse) Closes Second and Final Tranche of Oversubscribed Private Placement for Total Proceeds of $6.8 million
July 6, '18 - NR
FinCanna Capital a royalty company for the U.S. licensed medical cannabis industry, announces that it has closed its second and final tranche of the oversubscribed private placement previously announced on June 15 and upsized on June 18, 27 and 29, 2018. The Company issued an additional 2,270,422 Units at a price of $0.30 per unit for gross proceeds of $681,128. Upon closing of this second and final tranche, the Company closed on a total of $6,800,089 and issued 22,666,957 Units.
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, “FinCanna continues to seek cannabis investment opportunities that will not only benefit our shareholders but will grow rapidly within the quickly evolving market. Closing this financing is the final step in completing our recent investment opportunities, and we expect to see a positive outcome from the capital we have raised for our investee companies.”
All securities issued in the second tranche will be subject to a four-month hold period expiring on November 6, 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 |
