International Cannabrands Inc.
Friday, August 24, 2018 - 10:01 PM EDT

International Cannabrands Closes Non-Brokered Private Placements

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES



Calgary, Alberta (FSCwire) - International Cannabrands Inc. (CSE:JUJU.A) (the “Company” or “ICI”).  The Company wishes to announce that it has completed the first tranche of a non-brokered private placement of units to raise gross proceeds of $312,500. The Company issued 6,250,000 units at a price of $0.05 per unit, with each unit consisting of one common share and one share purchase warrant.  Each warrant entitles the holder to acquire a common share at price of $0.10 per share for a period of two years, subject to the ability of the Company to accelerate the expiry date if at any time during the term of the warrants the volume weighted average closing price of the Common Shares on the Canadian Securities Exchange (the “CSE”) is $0.20 or more for 10 consecutive trading days. The second closing is expected to be completed next week for aggregate gross proceeds from the two tranches of approximately $600,000. The proceeds will be used for working capital.  The common shares and warrants bear a 4 month hold period from the closing date.

 

In addition, the Company closed its first two tranches of a non-brokered private placement with Alumina Partners (Ontario) Inc. (“Alumina”) this week to raise gross proceeds of $700,000. In the first tranche the Company issued 4,000,000 units at a price of $0.05 per unit, with each unit consisting of one common share and one-half of one common share purchase warrant for gross proceeds of $200,000. Each whole warrant allows the holder to acquire one common share at a price of $0.08 for a period of two years, subject to the ability of the Company to accelerate the expiry date if at any time during the term of the warrants the volume weighted average closing price of the Common Shares on the CSE is $0.16 or more for 10 consecutive trading days. In the second tranche, the Company issued 8,928,571 units at a price of $0.056 per unit, with each unit consisting of one common share and one-half of one common share purchase warrant for gross proceeds of $500,000. Each whole warrant allows the holder to acquire one common share at a price of $0.094 for a period of two years, subject to the ability of the Company to accelerate the expiry date if at any time during the term of the warrants the volume weighted average closing price of the Common Shares on the CSE is $0.188 or more for 10 consecutive trading days. The common shares and warrants bear a 4 month hold period from the closing date.

 

The Company expects to close its third tranche with Alumina on August 28, 2018, and expects to issue 10,526,315 units at a price of $0.07125 per unit for gross proceeds of $750,000, with each unit consisting of one common share and one-half of one common share purchase warrant. Each whole warrant allows the holder to acquire one common share at a price of $0.1187 for a period of two years, subject to the ability of the Company to accelerate the expiry date if at any time during the term of the warrants the volume weighted average closing price of the Common Shares on the CSE is $0.2374 or more for 10 consecutive trading days. The common shares and warrants will bear a four-month hold period from the closing date. The net proceeds from the three tranches of $1,450,000 will be used by the Company to complete the US$1 million investment to acquire a minimum of 51% of Riotus SODO LLC, one of the operating units of Riotus LLC (“Riotus”). Riotus provides facility and operations finance and consulting to the cannabis industry. Riotus partners with some of the fastest growing and leading licensed operators in the cultivation, extraction, branding, manufacturing and distribution markets. Riotus targets core geographies including California, Nevada, Washington State and Michigan (see press release dated August 16, 2018).

 

For additional information on the private placements, please refer to the Company’s filings on CSE at www.thecse.com under the symbol JUJU.A.

 

About International Cannabrands (ICI)

 

ICI acquired the exclusive rights to Julian Marley's JuJu Royal brand. ICI currently generates revenue from licensing brands to growers, edible manufacturers, oil extractors, producers of ancillary products and apparel in the United States where cannabis has been legalized at the state level, as well as products containing CBD in the US and internationally. ICI intends on acquiring micro brands with highly profitable operations in the cannabis space.  The Company believes as the market becomes saturated with products varying in potency and quality, that the branded products will rise to the top and ICI intends to exploit all opportunities available to realize the full value of the Julian Marley brand and other brands.

 

About JuJu Royal

 

Julian Marley conveys his message of legalization, freedom, and love through the JuJu Royal brand, a line of naturally produced medicinal herbs using the best solventless technology. One percent of proceeds are distributed for the benefit of veterans using cannabis through the Weed for Warriors Project. More information about the brand and various products can be obtained at www.jujuroyal.net. International Cannabrands is continuing to work with Julian Marley to identify and develop future strains of marijuana that meet Julian’s exacting standards. The intent is to make these strains available to dispensaries and caregivers on a worldwide basis where it is legal.

 

International Cannabrands Contact:

Steve Gormley

CFN Media Contact:

Chief Executive Officer

Frank Lane (206) 369-7050

1045 Lincoln Street, #106

flane@cannabisfn.com

Denver, Colorado 80203

 

Ph (323) 828-4321 or steve.gormley@intlcannabrands.com

 

Media Inquiries: media@jujuroyal.net

 

 

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR THEIR REGULATION SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

 

Forward Looking Statements

 

This news release contains forward-looking statements relating to additional tranches of private placements by the Company and the proposed investment by the Company in Riotus. There is no assurance that the private placements or the investment will be completed or that the Company will be able to realize all the expected benefits from the subsequent investments by Riotus. These forward looking statements involve risks and uncertainties. Events or circumstances may cause actual results to differ materially from those anticipated as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company or the parties to the agreement. These include legal and regulatory changes, the impact of general economic, industry and market conditions; expectations regarding market demand for particular products, the dependence on new product development; and the impact of product competition. As a result, the Company cannot guarantee that any forward-looking statement will materialize and the reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.  The forward-looking statements contained in this news release are made as of the date of this news release and Management of the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable securities laws.







Source: International Cannabrands Inc. (CSE:JUJU.A, OTC Bulletin Board:GEATF)

To follow International Cannabrands Inc. on your favorite social media platform or financial websites, please click on the icons below.


 

Maximum News Dissemination by FSCwire. https://www.fscwire.com

 
 

Copyright © 2018 FSCwire





Visit Company Profile International Cannabrands Inc.
Visit Company Website
Subscribe to This Company Sign Up