International Cannabis Corporation
TSX VENTURE : ICC

November 01, 2017 08:48 ET

ICC Announces C$20 Million Bought Deal Offering of Units

TORONTO, ONTARIO--(Marketwired - Nov. 1, 2017) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

ICC International Cannabis Corporation (TSX VENTURE:ICC) ("ICC" or the "Company") is pleased to announce that it has entered into an agreement with a syndicate of underwriters led by GMP Securities L.P. and including Haywood Securities Inc., and PI Financial Corporation (collectively, the "Underwriters"), pursuant to which the Underwriters have agreed to purchase, on a bought deal basis, 20,000,000 Units (the "Units") of the Company at a price of C$1.00 per Unit, for aggregate gross proceeds of C$20,000,000 (the "Offering").

The Company has also granted the Underwriters an over-allotment option exercisable, in whole or in part at any time for a period of up to 30 days following closing of the Offering, to purchase that number of additional Units (or a combination of additional shares and/or warrants) that is equal to 15% of the Units sold pursuant to the Offering to cover over-allotments. In the event that the over-allotment option is exercised in full, the aggregate gross proceeds of the Offering will be C$23,000,000.

The net proceeds of the Offering will be used to increase the output capacity of the hemp extraction and processing lab in Canelones, Uruguay; (ii) facilitate penetration of new international markets and jurisdictions; and (iii) for general working capital purposes.

The Units have not been registered under the United States Securities Act of 1933, as amended, or applicable state securities laws, and the Units may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements.

The Offering is expected to close on or about November 22nd, 2017. Closing of the Offering is subject to certain conditions typical for a transaction of this nature and the receipt of all necessary regulatory approvals, including the approval of the TSXV.

A preliminary short-form prospectus will be filed by no later than November 7, 2017 with the securities regulatory authorities in all provinces of Canada, except Québec. No securities regulatory authority has either approved or disapproved of the contents of this news release. The securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States unless an exemption from registration is available. This news release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction.

ABOUT ICC INTERNATIONAL CANNABIS CORPORATION:

The Company has operations in Uruguay, and is focused on the licensed production, development and sale of recreational cannabis, cannabinoid extracts and by-products for medicinal uses and industrial hemp. For more information, please see intcannabiscorp.com.

The TSXV has in no way passed upon the merits of the Qualifying Transaction and has neither approved nor disapproved the contents of this news release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

Certain information in this news release may constitute forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Company. Additional information identifying risks and uncertainties is contained in the Company's filings with the Canadian securities regulators, which filings are available at www.sedar.com.

Contact Information