ICC International Cannabis (CSE:WRLD.U) (OTCMKTS:WLDCF) said Friday it has successfully raised gross proceeds of C$45 million for general working capital after closing a private placement.
The Vancouver cannabis company issued 42,187,500 units at a price of US$0.32 per unit. Each unit is comprised of a share and one-half of one transferable share purchase warrant (each whole share purchase warrant being a warrant). Each warrant entitles its holder to purchase one additional share of ICC International Cannabis at a price of US$0.50 for a period of two years from the closing date.
Convertible debentures were also issued at a deemed value of US$0.38, which was the market price on March 6, 2019. The debentures bear interest at a rate of 10% per year from the date of issue, payable semi-annually in arrears on June 30 and December 31 of each year, beginning on June 30, 2019.
ICC International Cannabis is on a mission to become the first publicly listed, globally focused, vertically integrated, pure cannabis company and its cultivation licenses already span four countries and three continents.
ICC shares slipped less than C$0.01 to close at C$0.375 on Thursday.
Contact Ellen Kelleher at [email protected]