Avicanna Inc (TSX:AVCN, OTCQX:AVCNF) has closed a $1.45 million raise, through the private placement of debentures to investors.
It confirmed, in a statement, the issue of 1.45 million debenture units – each priced at $1, representing $1 of principal – with the debt security carrying an interest rate of 18% per annum.
Proceeds will support the development of the company’s business model, general working capital, expenses, repayment of debt, spending related to production and manufacturing, and research and clinical development, Avicanna said.