VANCOUVER, BRITISH COLUMBIA–(Marketwired – Nov. 29, 2017) – ICC International Cannabis Corporation (“ICC” or the “Company“) (TSX VENTURE:ICC), a fully licensed producer and distributor in Uruguay of cannabis products, including cannabinoid extracts used for medicinal purposes and recreational cannabis, is pleased to announce it has filed its interim financial results for the third quarter ended September 30, 2017.
Third Quarter Highlights
- The Company continued its plans to expand into international markets by signing presales agreements in Mexico and Brazil for its cannabidiol (“CBD“) products .
- On November 22, 2017, ICC closed a bought deal offering of 23,000,000 units (each, a “Unit“) at a price of Cdn.$1.00 per Unit, including the full exercise of the over-allotment option, for aggregate gross proceeds of Cdn.$23,000,000 (the “Offering“). Each Unit issued pursuant to the Offering consists of one common share of the Company (each, a “Common Share“) and one-half of one common share purchase warrant (each whole warrant, a “Warrant“), with each Warrant entitling the holder thereof to acquire one Common Share at an exercise price of Cdn.$1.50 per Common Share until November 22, 2019, subject to customary anti-dilution adjustments.
“With the closing of the Offering, we have the capital in place to continue the construction of our CBD oil production laboratory. We are building a premier CBD oil production facility in a low cost jurisdiction, with access to South America's large markets. This will continue to be our competitive advantage as we scale up our production base and continue our international expansion plans,” commented Alejandro Antalich, Chief Executive Officer of the Company. “Our recreational cannabis business segment has shown robust results with 180 kg sold between July 19th and September 30th.”
The financial statements and management discussion and analysis for the three and nine months ended September 30, 2017, will be available on the System for Electronic Document Analysis and Retrieval (“SEDAR“) at www.sedar.com and on ICC's website at www.intcannabiscorp.com.
The Company is also pleased to announce that it has granted options to its Chief Executive Officer. Options to purchase up to 250,000 Common Shares were granted with a five year term and an exercise price equal to the greater of: (a) Cdn.$0.96 per share, being the price allocated to the Common Shares pursuant to the Offering; and (b) the closing price of the Common Shares on the TSX Venture Exchange (the “TSX-V“) on November 30, 2017.
The Company is pleased to announce that it has engaged Hybrid Financial Ltd. (“Hybrid“) to provide strategic investor relations and shareholder communications services. Hybrid is a sales and marketing company, with offices in Toronto and Montreal, Canada. Under the terms of the engagement, which is for an initial six month term, Hybrid will be paid Cdn.$10,000 per month. After completion of the initial term, Hybrid will be paid Cdn.$14,000 per month for each additional month of service. Hybrid will also be granted options to purchase up to 200,000 Common Shares with a five year term and an exercise price of Cdn.$1.25, vesting at a rate of 50,000 options on receipt of TSX-V approval and 50,000 options thereafter quarterly. The appointment of Hybrid is subject to the approval of the TSX-V. Prior to the issuance of the above-noted options, Hybrid has no direct or indirect interest in the Company or its securities, or any right or intent to acquire such an interest.
The Company and Venture North Capital Inc. have mutually agreed to terminate their agreement pursuant to which Venture North Capital Inc. was previously providing the Company with investor relations and shareholder communications services.
ABOUT ICC INTERNATIONAL CANNABIS CORPORATION
The Company has operations in Uruguay, and is focused on the licensed production, development and sale of cannabinoid extracts and other cannabis derivatives used for medicinal purposes, industrial hemp and recreational cannabis. For more information, please see the Company's filings on www.sedar.com and www.intcannabiscorp.com.
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
Certain information in this press 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, including the Company's ability to obtain any requisite regulatory approvals regarding international expansion. 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 Canadian securities regulators, which filings are available at www.sedar.com.