ICC International Cannabis Corp. (CSE: WRLD.U) (FWB: 8K51) (OTC: KNHBF) is pleased to announce that it has closed a non-brokered private placement consisting of 42,187,500 units of the Company issued at a price of US$0.32 per Unit  and secured convertible debentures (the “Debentures”) for total gross proceeds of CAD$45M.

The Company issued 42,187,500 Units at a price of US $0.32 per Unit.  Each Unit is comprised of one common share and one-half of one transferable Share purchase warrant.  Each Warrant shall entitle the holder thereof to purchase one additional Share of the Company at a price of US$0.50 for a period of two years from the closing date. 

The Debentures were issued at a deemed value of US $0.38, which was the market price on March 6, 2019. The Debentures shall bear interest at a rate of 10.0% per annum from the date of issue, payable semi-annually in arrears on June 30 and December 31 of each year, commencing June 30, 2019. Interest shall be computed on the basis of a 360-day year composed of twelve 30-day months. The June 30, 2019 interest payment will represent accrued interest for the period from the closing date to June 30, 2019.

The Company has paid a finder’s fees on this Offering.

All securities issued pursuant to the Offering are subject to a statutory four-month and one day hold period from the date of issuance pursuant to applicable securities laws of Canada.  Proceeds from the Placement will be used as general working capital to continue its ongoing obligations