For Immediate Release – Press Release, June 18, 2018
Vancouver, British Columbia, June 18, 2018 – FinCanna Capital Corp. (“FinCanna”) (CSE: CALI) 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 from $3 million to $5 million. FinCanna will now issue up to 16,666,667 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. The lead finder in the non-brokered private placement is TriView Capital Ltd., one of Canada’s largest Exempt Market Dealers.
The closing of the Private Placement is expected to occur on or about June 29, 2018 and is subject to the receipt of all necessary regulatory approvals, including the approval of the Canadian Stock Exchange. All securities issued pursuant to the Private Placement will be subject to a four-month hold period in accordance with applicable Canadian securities laws. There is no material fact or material change regarding FinCanna that has not been generally disclosed.
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.
This press release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the 1933 Act and applicable state securities laws or an exemption from such registration is available.
FinCanna Capital Corp.
Andriyko Herchak, CEO & Director