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VANCOUVER, BC /ACCESSWIRE/April 29, 2022/ FinCanna Capital Corp. (“EndCanna“) (the “Company”) (CSE: CALI) (OTCQB: FNNZF), a licensed cannabis industry-focused investment firm in the United States, reports that it has successfully closed its previously announced private placement without intermediary. Following higher than expected demand, the Company increased the size of its originally announced offering by $2.0 million to raise final gross closing proceeds of $2,905,500 (the “Private Placement”). Consequently, the Company issued 29,055,000 units at a price of $0.10 per unit.

Each Unit consists of one common share of FinCanna and one common share purchase warrant (a “Unit”). Each warrant is exercisable to acquire one common share of FinCanna at an exercise price of $0.20 for a period of 24 months from the date of closing of the private placement. Warrants are subject to acceleration at the discretion of FinCanna on the 30^and day after FinCanna gives notice in the event that FinCanna common stock trades on the CSE on a volume-weighted average price (“VWAP”) basis of $0.30 or more for a period of 10 days of scholarship. If at any time during the term of the Warrants the closing price (or closing bid price on non-trading days) of the common shares of FinCanna listed on the Canadian Securities Exchange is equal or greater than $0.30 per Common Share for 10 consecutive trading days, then FinCanna shall have the right to advance the expiration date of the Warrants to the 30th day after the date FinCanna notifies the Subscriber pursuant to certificates representing warrants.

All securities issued are subject to a four-month hold period expiring August 29, 2022.

FinCanna intends to use the net proceeds from the private placement to fund its holding company QVI, Inc.’s new “manufacturing to retail” revenue model, working capital and general corporate purposes. .

FinCanna has agreed to pay a finder’s fee by means of cash and/or warrants equal to 7% of the total number of units subscribed pursuant to the subscriptions arranged by such intermediaries. Each warrant is exercisable for one common share at a price of $0.20 for a period of 24 months following the closing date of the private placement.

About FinCanna Capital Corp.

FinCanna is an investment company that provides growth capital to emerging private companies operating in the US licensed cannabis industry. FinCanna is focused on delivering high-impact returns to its shareholders through a strategically diversified investment portfolio.

For more information, visit www.fincannacapital.com and FinCanna’s profile on www.sedar.com

FinCanna Capital Corp.
Andriyko Herchak, CEO and Director
[email protected]

1.833.346.2266

Caution Regarding Forward-Looking Statements

This press release contains forward-looking information based on current expectations. Statements regarding, among other things, the use of the proceeds of the Private Placement are all forward-looking information. These statements should not be construed as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those implied by such statements. These factors include, but are not limited to, the Company’s ability to find suitable investment opportunities. Although such statements are based on management’s reasonable assumptions on the date such statements are made, there can be no assurance that the Company will be able to use the funds as directed in the use of proceeds, and that such information forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. Accordingly, readers should not place undue reliance on forward-looking information. FinCanna assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances, except as required by applicable law.

THE SOURCE: FinCanna Capital Corp.

See the source version on accesswire.com:
https://www.accesswire.com/699435/FinCanna-Capital-Closes-Oversubscribed-Private-Placement-for-29-million