New York, NY — July 06, 2018 — /D.M.O. Newswire/ — FinCanna Capital Corp. (CSE:CALI) (OTC:FNNZF) (FRA:4AL) closed its second and final tranche of the oversubscribed private placement the company announced back on June 15th.
Here’s What You Need to Know
- FinCanna Capital Corp. is a royalty company focused on the U.S. licensed medical cannabis industry.
- The private placement round was previously announced on June 15th and subsequently upsized on June 18th, 27th and 29th, 2018.
- In its final tranche, FinCanna issued an additional 2,270,422 units at a price of $0.30 CAD per unit for gross proceeds of $681,128 CAD.
- Upon closing of this second and final tranche, the company closed on a total of $6,800,089 CAD 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 CAD for 24 months from the date of the closing of the private placement.
- All securities issued in the second tranche will be subject to a four-month hold period expiring on November 6th, 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.
- Andriyko Herchak, CEO of FinCanna, commented, “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.”
- FinCanna began trading on the CSE back on December 29th, 2017.
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