ICC International Cannabis Corp. closed its bought-deal offering of 23 million units for C$1 apiece, raising gross proceeds of C$23 million.
The units sold include the full exercise of the underwriters' option to buy additional units in the offering.
Each unit consisted of a common share and one-half of a share purchase warrant. Each whole warrant allows the holder to buy one common share at an exercise price of C$1.50 apiece until Nov. 22, 2019.
ICC International will use the net proceeds to construct a hemp extraction and processing laboratory in Canelones, Uruguay; to facilitate expansion into new international markets; and for general working capital purposes.
The offering was underwritten by a syndicate of underwriters led by GMP Securities LP, including Haywood Securities Inc. and PI Financial Corp.
