RE:Avicanna financials released today Things looking upAvcn end cash position year 2023: 477,198.
End cash q3 2023: 718.287
December 4th: 2,537,508 units of the Company (the “Units”) at a price of $0.35 per Unit for aggregate gross proceeds of $888,127.80
Each Unit is comprised of one common share in the capital of the Company (each, a “Unit Share”) and one-half of one (0.5) common share purchase warrant of the Company (each whole warrant, a “Warrant”); and, each Warrant shall entitle the holder thereof to acquire one (1) common share in the capital of the Company at an exercise price of $0.41 per share, subject to adjustment in certain events, until December 4, 2026.
q4 cash: 1.6m
1.6-0.477 = 1.1m cash burn
At the same burn rate, -1.1 (q1)
warrants: 2,537,508 *0,5 = 1268754
477,198 + (1268754 *0,41) =
477,198 + 520189 = 997387
if warrant exercised, at the same cash burn rate, -1.1 (q1), they are already in the red. They need money right now.