Avicanna Inc. announced a non-brokered private placement to issue 2,537,508 units at an issue price of CAD 0.35 per share for the gross proceeds of CAD 888,127.80 on December 4, 2023. Each Unit is comprised of one common share and one-half of one common share purchase warrant. Each Warrant shall entitle the holder thereof to acquire one common share at an exercise price of CAD 0.41 per share, subject to adjustment in certain events, until December 4, 2026.

The Company has paid an aggregate total of CAD 29,977.50 in cash finders' fees and issued an aggregate total of 85,650 finder's warrants. In connection with the Offering to certain finders in connection with subscriptions for Units made by purchasers introduced to the Company by such finders. Each Finder Warrant entitles the holder thereof to acquire one common share in the capital of the Company at an exercise price of CAD 0.41 per share, subject to adjustment in certain events, until December 4, 2026.

The Unit Shares and Warrants, and any securities issuable upon conversion or exercise thereof, are subject to a four-month hold period under applicable securities laws in Canada. The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange.