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