News just out again... FinCanna Capital Corp. Announces Non-Brokered Private Placement to Raise C$5 million
VANCOUVER, British Columbia, Feb. 21, 2018 (GLOBE NEWSWIRE) -- FinCanna Capital Corp. (“FinCanna”) (CSE:CALI) is pleased to announce its intention to raise C$5,000,000 by way of a non-brokered private placement of 7,142,857 units (the “Units”) at a price of C$0.70 per Unit (the “Private Placement”). Each Unit will consist 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 C$1.05 for 24 months from the date of the closing of the Private Placement. The common share purchase warrants will be subject to acceleration at FinCanna’s discretion in the event its common shares trade on the Canadian Securities Exchange on a volume weighted average price (“VWAP”) basis of C$1.40 or more for a period of ten consecutive trading days.
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 C$1.05 for a period of 12 months following the closing date of the Private Placement. The lead finder in the non-brokered private placement is Triview Capital Ltd.
The closing of the Private Placement is expected to occur on or about March 14, 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.
About FinCanna
FinCanna provides financing to top-tier companies in the licensed medical cannabis industry in exchange for a royalty on revenues. FinCanna, led by a team of finance and industry experts, is building its diversified portfolio of royalty investments in scalable, best-in-class projects and companies in U.S. legal states, with a focus on California. For additional information visit www.fincannacapital.com and FinCanna’s profile at www.sedar.com.
FinCanna Capital Corp.
Andriyko Herchak, CEO & Director
Investor Relations:
Arlen Hansen
Kin Communications
1-866-684-6730
CALI@kincommunications.com
