ICC International Cannabis Corporation (TSXV:ICC) announced it officially entered an agreement with a group of underwriters to purchase units of the company for gross proceeds of $20 million.
As quoted in the press release:
The Company has also granted the Underwriters an over-allotment option exercisable, in whole or in part at any time for a period of up to 30 days following closing of the Offering, to purchase that number of additional Units (or a combination of additional shares and/or warrants) that is equal to 15% of the Units sold pursuant to the Offering to cover over-allotments. In the event that the over-allotment option is exercised in full, the aggregate gross proceeds of the Offering will be C$23,000,000.
The net proceeds of the Offering will be used to increase the output capacity of the hemp extraction and processing lab in Canelones, Uruguay; (ii) facilitate penetration of new international markets and jurisdictions; and (iii) for general working capital purposes.