ICC International Cannabis Corporation
TSX VENTURE : ICC

ICC International Cannabis Corporation

November 22, 2017 08:46 ET

ICC Announces Closing of Bought Deal Offering of Units

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 22, 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 closed its previously announced bought deal offering of 23,000,000 units ("Units") at a price of $1.00 per Unit, including the full exercise of the over-allotment option, for aggregate gross proceeds of C$23,000,000 (the "Offering"). The Offering was underwritten by a syndicate of underwriters led by GMP Securities L.P. and including Haywood Securities Inc., and PI Financial Corp. (collectively, the "Underwriters").

Each Unit issued pursuant to the Offering consists of one common share of the Company ("Common Share") and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder thereof to acquire one Common Share at an exercise price of $1.50 per Common Share until November 22, 2019, subject to customary anti-dilution adjustments.

In consideration for the services provided by the Underwriters, the Company paid the Underwriters a cash commission and issued an aggregate of 1,380,000 non-transferable compensation options to the Underwriters (the "Compensation Options"). Each Compensation Option is exercisable into one Unit at a price of $1.00 until November 22, 2019, subject to customary anti-dilution adjustments.

The net proceeds of the Offering will be used: (i) to construct a hemp extraction and processing laboratory in Canelones, Uruguay; (ii) to facilitate expansion into new international markets; and (iii) for general working capital purposes.

No securities regulatory authority has either approved or disapproved of the contents of this news release. The Units, nor their underlying components, 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 TSX Venture Exchange (the "TSXV") has in no way passed upon the merits of the Offering 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, including, but not limited to, the anticipated use of proceeds. 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.

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