Ikänik Farms, Inc. announced a non-brokered private placement of 40,000,000 subordinate voting share units at a issue price of $0.15 per unit for gross proceeds of $6,000,000 on April 25, 2022. The transaction will include participation from Visualiza Business. Each Unit consists of one subordinate voting share and one-quarter of one share purchase warrant. Each whole Warrant will entitle the holder thereof to acquire an additional Share at a price of $0.30 per Warrant Share for a period of two years. The securities to be issued will be subject to a statutory four month hold period.

On the same day, the company issued 20,000,000 units for gross proceeds of $3,000,000 in its first tranche closing. The company expects to receive second tranche in near future.