Avicanna Inc. announced a non-brokered private placement offering of 5,313,959 units at a price of CAD 0.40 per unit for aggregate gross proceeds of approximately of CAD 2,125,583.6 on April 18, 2024. Each unit is comprised of one common share in the capital of the company and one-half of one common share purchase warrant of the company and each warrant shall entitle the holder thereof to acquire one common share in the capital of the company at an exercise price of CAD 0.55 per share, subject to adjustment in certain events, until April 18, 2027. The company has paid an aggregate total of CAD 31,499.98 in cash finders fees and issued an aggregate total of 78,750 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 0.55 per share, subject to adjustment in certain events, until April 18, 2027. 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.