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Avicanna Closes C$500,000 Private Placement to Pharmaceutical Investor Michael Porter

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Avicanna (AVCN.TO) raised C$500,000 after closing a private placement with pharmaceutical investor Michael Porter, the medical cannabis company said Wednesday.

The company sold Porter 3.33-million units priced at C$0.15 apiece and made up of a share and one-half of a three-year warrant to buy a share for C$0.20.

Avicanna plans to use the proceeds for general working capital purposes, general and administrative expenses, expenditures related to production and manufacturing, and research and clinical development.

The company's shares closed down C$0.005 to C$0.125 Tuesday on the Toronto Stock Exchange.

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