FinCanna Capital Corp a royalty company for the U.S. licensed medical cannabis industry is pleased to announce that following higher than anticipated demand the Company has increased the size of its previously announced non-brokered private placement financing. Initially announced at $3 million and subsequently raised to $5 million, the Company has now increased its non-brokered private placement offering to $5.5 million. Accordingly, FinCanna will issue up to 18,333,333 Units at a purchase price of $0.30 per Unit. Each Unit will consist 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. FinCanna has agreed (i) to pay a cash finder’s fee of 8% of the aggregate proceeds raised from subscriptions arranged by certain finders and (ii) to issue 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 $0.45 for a period of 24 months following the closing date of the Private Placement.

Hemp Land, Cannabis Hemp Blog, 01/26/2021 01:54:00

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