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TORONTO , July 10, 2019 /CNW/ – Avicanna Inc. (“Avicanna” or the “Company“) a company focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products, is pleased to announce that it has obtained a receipt for its final long form prospectus (the “Prospectus“) filed in connection with its completed special warrant offering for gross proceeds of approximately $22.1 million (the “Offering“). The Offering was led by Sprott Capital Partners LP and included Paradigm Capital Inc.

The Prospectus qualified the distribution of 2,228,328 common shares of the Company (the “Common Shares“) and 1,114,164 common share purchase warrants (the “Warrants“) issuable for no additional consideration upon the exercise or deemed exercise of special warrants of the Company (the “Special Warrants“) issued under the Offering.  Each Warrant entitles the holder thereof to acquire one Common Share until April 15, 2021 at a price of $10 per Common Share, subject to acceleration in certain circumstances.

As a result of obtaining the receipt for the Prospectus, all unexercised Special Warrants will be automatically exercised on July 15, 2019 without any further action on the part of the holders.

A copy of the Prospectus is available on SEDAR at www.sedar.com.

The Company has received conditional approval from the Toronto Stock Exchange (the “TSX”), one of Canada’s senior stock exchanges, for the listing of the Common Shares on the TSX as an Industrial (Research & Development) issuer, subject to the completion of customary requirements of the TSX, including the receipt of all required documentation. Following receipt of final approval from the TSX, the Common Shares are expected to commence trading on the TSX under the symbol “AVCN”.

No securities regulatory authority has either approved or disapproved the contents of this news release. The Common Shares and Warrants have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“) or any state securities laws. Accordingly, the Common Shares and Warrants may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to exemptions from the registration requirements of the U.S. Securities Act and applicable state securities laws. This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any securities of the Company in any jurisdiction in which such offer, solicitation, or sale would be unlawful.

About Avicanna

Avicanna is an Ontario corporation focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products through its two main business segments, cultivation and research and development.

Avicanna’s two majority-owned subsidiaries, Sativa Nativa S.A.S. and Santa Marta Golden Hemp S.A.S., both located in Santa Marta , Colombia are the base for Avicanna’s cultivation activities. These two companies are licensed to cultivate and process cannabis for the production of cannabis extracts and purified cannabinoids including cannabidiol (CBD) and tetrahydrocannabinol (THC).

https://finance.yahoo.com/news/avicanna-announces-receipt-final-prospectus-195600249.html