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Avicanna Inc. (the “ Company ” or “ Avicanna ”) (TSX: AVCN) is pleased to announce closing of the previously announced secured term loan financing (the “ Term Loan ”) in the principal amount of $2,118,000. The Term Loan is subject to an original issue discount of approximately 15%, such that $1,800,000 was advanced by the lender thereof (the “ Lender ”) to the Company. The Term Loan is due October 19, 2022.
The terms of the Term Loan are consistent with those previously disclosed in the Company’s press release of August 3, 2021 (the “ Prior Release ”). As contemplated in the Prior Release, in connection with the Term Loan, the Company intends to issue common share purchase warrants (the “ Warrants ”) to the Lender following a full revocation of the failure-to-file cease trade order (the “ FFCTO ”) issued by the Ontario Securities Commission (the “ OSC ”) on June 11, 2021 in respect of the Company and the resumption of trading of the common shares of the Company (the “ Common Shares ”) on the Toronto Stock Exchange (the “ TSX ”).
As previously announced, the OSC issued an order dated July 30, 2021 partially revoking the FFCTO, which permitted the Company to complete the transactions contemplated by the Term Loan, including the issuance of the Warrants. The...
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