Ikanik Farms Inc. announced a non-brokered private placement of 3,192,848 units at a price of $0.783 for gross proceeds of $2,500,000 on May 6, 2021. Each unit consists of one subordinate voting share and one-half of one share purchase warrant. Each whole warrant will entitle the holder thereof to acquire an additional share at a price of $1.566 per warrant share for a period of two years from the date of closing of the transaction. The transaction is expected to close on May 7, 2021. The securities to be issued pursuant to the transaction will be subject to a statutory hold period of four months and one day.