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Nov 29, 2017

ICC International Cannabis Corporation Completes $23 Million Bought Deal Offering

Richard M. Kimel, Sherri M. Altshuler, Daniel Everall, Christopher F. Berrigan, Barbara Worndl and Tyler Brent

ICC International Cannabis Corporation (“ICC”), a licensed producer and seller of recreational cannabis, medicinal cannabinoid extracts and industrial hemp products in Uruguay, recently completed a $23 million public equity offering of units.

On November 22, 2017, ICC completed an offering of 23 million units (inclusive of 3 million units issued pursuant to the exercise in full of the underwriters’ over-allotment option) at a price of $1.00 per unit for gross proceeds of $23 million. Each unit issued pursuant to the offering consisted of one common share of ICC and one-half of one common share purchase warrant. Each common share purchase warrant entitles the holder thereof to acquire one common share of ICC at an exercise price of $1.50 per common share until November 22, 2019, subject to customary anti-dilution adjustments.

ICC intends to use the net proceeds from this offering: (a) to construct a hemp extraction and processing laboratory in Canelones, Uruguay; (b) to facilitate expansion into new international markets; and (c) for general working capital purposes.

Aird & Berlis represented ICC with a team comprised of Richard Kimel, Sherri Altshuler, Daniel Everall, Chris Berrigan, (Capital Markets), Barbara Worndl (Tax) and Tyler Brent (articling student).

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