
Avicanna Inc. (TSX:AVCN) (OTCQX:AVCNF) (FSE: 0NN) has closed a strategic non-brokered private placement offering of 4.21 million units of the company at a price of $0.35 per unit for aggregate gross proceeds of approximately $1.48 million.
Each unit is comprised of one common share in the capital of the company and one-half of one common share purchase warrant of the company. Each warrant shall entitle the holder thereof to acquire one share at an exercise price of $0.40 per share, subject to adjustment in certain events, for a period of 36 months.