Medcolcanna Organics Inc. announced a non-brokered private placement of 50,000,000 at a price of CAD 0.05 per unit for a total gross proceeds of CAD 2,500,000 on February 14, 2022. Each unit will consists of one common share and one-half common share purchase warrant. Each warrant will be exercisable into a common share at a price of CAD 0.10, for two years from the date of issuance.

The company will issue units in tranches, an initial tranche is expected to occur in the next few day. The transaction is subject to approval of the Canadian Securities Exchange.