Akanda Corp. Announces $12 Million Convertible Note Offering

Akanda Corp. has entered into a Securities Purchase Agreement with institutional investors to issue and sell convertible promissory notes for aggregate gross proceeds of $12 million. The notes bear an interest rate of 10% per annum and mature one year from the issuance date. The company plans to use the net proceeds for marketing, site development, working capital, and debt repayment. The notes are convertible into common shares at a conversion price determined by specific conditions, with a minimum conversion price of $0.678 per share. The offering was conducted as a private placement under Section 4(a)(2) of the Securities Act of 1933. Univest Securities, LLC acted as the placement agent for the offering.