World News: 08:05 GMT Monday 11th February 2019. [FinCanna Capital Corp. via Globe Newswire via SPi World News]
VANCOUVER, British Columbia, Feb. 11, 2019 (GLOBE NEWSWIRE) -- FinCanna Capital Corp. (“FinCanna”) (CSE: CALI) a royalty company for the U.S. licensed medical cannabis industry is pleased to announce that further to its news release of January 11, 2019 wherein it announced the closing of the first tranche of its oversubscribed Secured Convertible Debentures (“Debentures”) financing of $2.4 million, FinCanna has upsized and closed the second and final tranche of the financing for an additional $2.4 million. The aggregate proceeds of this financing total $4.8 million.
The Debentures will be secured by a general security interest, will mature two years from closing and will bear interest at 12% per annum, payable in cash or, at the option of the Subscriber, in common shares of FinCanna ("Common Shares") subject to certain conditions. The Debenture is convertible into Common Shares at $.20 per share. Subscribers for Debentures will receive one common share purchase warrant (“Warrant”) for each $0.20 of principal amount of Debenture. Each Warrant will entitle the holder to acquire one Common Share of FinCanna for $0.30 at any time up to two years from the Closing Date.
FinCanna intends to use the net proceeds from the Convertible Debenture to fund additional royalty investment opportunities and the company’s ongoing working capital requirements.
“We’re very pleased to announce the successful completion of this significantly oversubscribed financing,” said Andriyko Herchak, CEO of FinCanna Capital. “We had very strong financial participation from our existing shareholders and our management team, representing a vote of confidence in the growth prospects of our company. We remain committed to building a strong and diversified royalty portfolio of high-growth companies, including our most recent addition of QVI Inc., a cannabis infused product manufacturer located in Sonoma County, California. The capital from this financing along with ~US$3.9 million to be received from the sale of CTI’s Coachella Property provides us with a solid financial foundation to complete funding of all our existing royalty investments and further grow our diversified portfolio.”
FinCanna will pay a cash finder’s fee of 8% on a portion of the proceeds raised. The lead finder in the non-brokered financing is TriView Capital Ltd.
FinCanna is a royalty company that provides growth capital to rapidly emerging private companies operating in the licensed U.S cannabis industry. The Company earns its revenue from royalties paid by its investee companies that are calculated based on a percentage their total revenues.
FinCanna’s scalable royalty model provides an attractive alternative or complement to debt or equity financing for its investee companies. FinCanna is focused on delivering high-impact returns to its shareholders by way of a strategically diversified investment portfolio.
For additional information visit and FinCanna’s profile at .
Globe Newswire: 08:05 GMT Monday 11th February 2019
SPi News is published by Sector Publishing Intelligence Ltd.
© Sector Publishing Intelligence Ltd 2019. [Admin Only]
Sector Publishing Intelligence Ltd.
Agriculture House, Acland Road, DORCHESTER, Dorset DT1 1EF United Kingdom
Registered in England and Wales number 0751938.