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International Cannabis closes C$45M nonbrokered private placement

ICC International Cannabis Corp. raised C$45 million via the sale of equity and debt.

The Canadian Cannabis company sold 42,187,500 units priced at 32 U.S. cents apiece, as well as secured convertible debentures for 38 U.S. cents each. The units are made up of one common share and half of a security warrant. Each whole warrant can be exchanged for a stock of the company for 50 U.S. cents each.

The debentures bear interest at a rate of 10% per annum, with payments due from June 30 of this year and every six months thereafter.