Isracann Biosciences Inc. (OTCPK:ISCNF) (CSE IPOT) (XFRA:A2PT0E) has closed the first tranche of its non-brokered private placement. The company issued 4.68 million units at a price of $0.05 per unit for aggregate gross proceeds of $233,980.
Each unit consists of one common share of the company and one common share purchase warrant. Each warrant entitles the holder to acquire one additional share at a price of $0.055 per warrant share for 48 months from the date of issuance.
The company intends to use the proceeds from the offering toward product development and general operations.
All securities issued in connection with the offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities laws ending on December 3, 2022.
About Isracann Biosciences
Isracann is a multidisciplinary cannabis focused producer and product developer with Israeli-based cannabis production farm assets and a Canadian natural health medicine development and production arm. Concurrently focused on initial retail sales in Canada and in becoming a premier cannabis producer offering low-cost domestic Israeli production, the company aims to commercialize natural health medicines in Canada and to leverage agreements within Israel for import/export opportunities and medicinal marijuana cultivation.
Photo: Benzinga; Sources: courtesy of Kindel Media via Pexels
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