International Cannabis Closes CAD$45 Million Non-Brokered Private Placement
VANCOUVER, British Columbia, March 08, 2019 (GLOBE NEWSWIRE) -- ICC International Cannabis Corp. (CSE: WRLD.U)(FWB: 8K51)(OTC: KNHBF) ("ICC" or “International Cannabis” or the “Company”) is pleased to announce that it has closed a non-brokered private placement consisting of 42,187,500 units (“Units”) of the Company issued at a price of US$0.32 per Unit and secured convertible debentures (the “Debentures”) for total gross proceeds of CAD$45M (the “Offering”).
The Company issued 42,187,500 Units at a price of US $0.32 per Unit. Each Unit is comprised of one common share (a “Share”) and one-half of one transferable Share purchase warrant (each whole Share purchase warrant being a “Warrant”). Each Warrant shall entitle the holder thereof to purchase one additional Share of the Company at a price of US$0.50 for a period of two years from the closing date.
The Debentures were issued at a deemed value of US $0.38, which was the market price on March 6, 2019. The Debentures shall bear interest at a rate of 10.0% per annum from the date of issue, payable semi-annually in arrears on June 30 and December 31 of each year, commencing June 30, 2019. Interest shall be computed on the basis of a 360-day year composed of twelve 30-day months. The June 30, 2019 interest payment will represent accrued interest for the period from the closing date to June 30, 2019.
The Company has paid a finder’s fees on this Offering.
All securities issued pursuant to the Offering are subject to a statutory four-month and one day hold period from the date of issuance pursuant to applicable securities laws of Canada. Proceeds from the Placement will be used as general working capital to continue its ongoing obligations
ON BEHALF OF THE ICC INTERNATIONAL CANNABIS CORP BOARD OF DIRECTORS
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Notice Regarding Forward Looking Information:
This news release contains certain "forward-looking information" within the meaning of applicable Canadian securities law. Forward-looking information is frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or information that certain events or conditions "may" or "will" occur. This information is only a prediction. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking information throughout this news release. Forward-looking information includes, but is not limited to: political changes in Canada and internationally, future legislative and regulatory developments involving cannabis in Canada and internationally, the Company’s ability to secure distribution channels in international jurisdictions, competition and other risks affecting the Company in particular and the cannabis industry generally.
The forward-looking information contained in this release is expressly qualified by the foregoing cautionary statements and is made as of the date of this release. Except as may be required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward- looking information to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise.