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.
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Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Factors that could cause the actual results to differ materially from those in forward-looking statements include failure to obtain regulatory approval, the continued availability of capital and financing, and general economic, market or business conditions. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. These statements should not be read 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 be materially different from those implied by such statements. Although such statements are based on management’s reasonable assumptions, there can be no assurance that the statements will prove to be accurate or that management’s expectations or estimates of future developments, circumstances or results will materialize. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law. Readers should not place undue reliance on the Company’s forward-looking statements.