Ayurcann announces closing of oversubscribed Non-Brokered Financing.
Toronto, Ontario, April 28, 2021 – Ayurcann Holdings Corp. (CSE: AYUR) (the “Company” or “Ayurcann”) a Canadian extraction company specializing in the processing of cannabis and hemp for the production of oils and various derivative products, is pleased to announce the closing of its oversubscribed non-brokered private placement (the “Financing”) first announced on April 12, 2021.
The Financing consisted of 3,189,585 units (the “Units”) at a price of $0.189 per Unit for total aggregate gross proceeds of $602,831.72. Each Unit consisted of a common share in the capital of the Company (the “Common Share”) and one-half of one common share purchase warrant (the “Warrant”), with each full Warrant entitling its holder to acquire one additional Common Share at an exercise price of $0.38 per Common Share for a period of 36 months from the date of issuance.
The Company paid cash finder’s fee commissions of $1,467.00 and issued 7,761 finder’s warrants (the “Finder’s Warrant”) in connection with the Financing. Each Finder’s Warrant entitles its holder to purchase one Common Share at an exercise price of $0.38 per Common Share for a period of 36 months from the date of issuance.
The Company intends to use the gross proceeds of the Financing for their Pickering facility Phase 2 expansion, which, when such expansion is complete, is estimated to increase the Company’s annual production capacity and manufacturing capabilities.
For further information, please contact:
Igal Sudman, Chairman and CEO
Ayurcann Holdings Corp.
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