Adam Jackson
Vancouver-based AgriCann Solutions Corp. announced the successful completion of its non-brokered private funding round on Friday, raising more than $1 million.
The licensed full-service cannabis nursery operator issued more than 10 million units at 10 cents each. Each unit contains one common share and a warrant. The warrant allows its holder to purchase another share at 20 cents within the next two years.
According to the terms, if AgriCann’s shares reach or exceed 30 cents for 10 consecutive trading days, the company can speed up the expiration date of these warrants. All securities from this funding will be on hold for a standard period of four months and one day.
Company insiders also took part in the funding, acquiring units worth roughly $549,236. The move is classified as an “inside deal” but is expected to sidestep some customary regulations due to exemptions.
The funds raised will go toward daily operations, enhancements, and expansion at the Newline Ventures Inc. cultivation facility, where AgriCann recently shifted its primary operations. The company also mentioned a share exchange agreement with Newline that is expected to close “imminently.”
