Akanda Announces $12.0 Million Convertible Note Offering

Core Viewpoint - Akanda Corp. has announced a $12.0 million convertible note offering to institutional investors, which will be utilized for various corporate purposes [1][2]. Group 1: Financial Details - The offering consists of 12-month convertible promissory notes with an aggregate purchase price of up to $12.0 million [1]. - Proceeds from the sale will be allocated as follows: up to $3.5 million for marketing, continued development of the Gabriola, B.C. site, up to $3 million for working capital and general corporate purposes, and up to $7 million for debt repayment [2]. Group 2: Transaction Agents - Univest Securities, LLC served as the exclusive placement agent for the offering [3]. - Legal counsel for the transaction included Ruskin Moscou Faltischek PC for the Company and Sullivan & Worcester LLP for the placement agent, with Gowling WLG (Canada) LLP acting as Canadian counsel [3]. Group 3: Regulatory Information - The notes and common shares from the conversion have not been registered under the Securities Act of 1933 and cannot be offered or sold in the U.S. without registration or an exemption [4]. - Additional details regarding the notes and the transaction will be available in the Company's Form 6-K, which will be filed with the U.S. Securities and Exchange Commission [5].