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FinCanna Capital Corp. (CSE:CALI) (the "Company" or "FinCanna") is pleased to announce that it has closed the private placement announced on February 19, 2021 and February 23, 2021. The Company has issued 8,639,824 Units at a price of $0.125 per unit for gross proceeds of $2,159,956 (the "Private Placement
Each Unit consists of one common share of FinCanna and one half of one common share purchase warrant. Each full warrant will be exercisable to acquire one common share of FinCanna at an exercise price of $0.18 for 24 months from closing.
All securities issued will be subject to a four-month hold period expiring on July 12, 2021.
FinCanna intends to use the net proceeds from the Private Placement to fund royalty investment opportunities and the Company's ongoing working capital and general corporate purposes.
FinCanna has paid a cash finder's fee of 7% on a portion of the proceeds raised from subscriptions arranged by certain finders and warrants equal to 7% 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 $0.18 for a period of 24 months from closing.
About FinCanna Capital Corp.
FinCanna is a royalty company that provides growth capital to rapidly emerging private companies operating in the licensed U.S cannabis industry. The company earns its revenue from royalties paid by its investee companies that are calculated based on a percentage their total revenues.
FinCanna's scalable royalty model provides an attractive alternative or complement to debt or equity financing for its investee companies. FinCanna is focused on delivering high impact returns to its shareholders by way of a strategically diversified investment portfolio.
ON BEHALF OF THE BOARD:
CEO & Director
For further information contact:
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking information based on current expectations. Statements about, among other things the use of proceeds of the Private Placement are all forward-looking information. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Such factors include but are not limited to: the ability of the Company to find suitable royalty investment opportunities. Although such statements are based on management's reasonable assumptions at the date such statements are made, there can be no assurance that the Company will be able to use the funds as set out in the use of proceeds, and that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. Accordingly, readers should not place undue reliance on the forward-looking information. FinCanna assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by applicable law.
SOURCE: FinCanna Capital Corp.
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