iAnthus Announces the Second and Final Tranche Closing of Its Non-Brokered Private Placement of $4.5 Million
November 28, 2017 (Source) — iAnthus Capital Holdings, Inc., (CSE: IAN) (CSE: IAN.CN) (CNSX: IAN) (“iAnthus” or the “Company“), is pleased to announce that the Company has completed its second and final closing of its previously announced non-brokered private placement at $1.70 per Common Share (the “Private Placement“). At this final closing, the Company issued and sold an aggregate of 495,000 Common Shares for aggregate gross proceeds of $841,500 and, together with the first closing of the Private Placement announced by the Company on November 21, 2017, an aggregate 2,677,491 Common Shares were sold in the Private Placement for aggregate gross proceeds to iAnthus of $4,551,734.70. The Company has also issued warrants to purchase an aggregate 66,260 Common Shares (the “Finder Warrants“) and paid cash fee representing 7% of the Common Shares sold by certain finders under the Private Placement. Each Finder Warrant is exercisable to purchase one Common Share at $1.70, expiring 24-months from the Warrant issuance date.
The Company intends to use the net proceeds from the Private Placement for acquisition financing, other capital projects and general corporate purposes.
All securities issued under the Private Placement are subject to a four month hold period from the date of issuance.
The securities issued pursuant to the Private Placement have not been, and will not be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This news release will not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
About iAnthus Capital Holdings
iAnthus Capital Holdings, Inc. provides investors diversified exposure to best-in-class licensed cannabis cultivators, processors and dispensaries throughout the United States. Founded by entrepreneurs with decades of experience in operations, investment banking, corporate finance, law and health care services, iAnthus provides a unique combination of capital and hands-on operating and management expertise. The Company harnesses these skills to support operations across five states. For more information, visit www.iAnthuscapital.com.
Get our daily investorintel update
Forward Looking Statements
Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in iAnthus’ periodic filings with Canadian securities regulators. When used in this news release, words such as “will, could, plan, estimate, expect, intend, may, potential, believe, should,” and similar expressions, are forward-looking statements.
Forward-looking statements may include, without limitation, statements including the anticipated use of proceeds and other statements of fact.
Although iAnthus has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended, including, but not limited to: dependence on obtaining regulatory approvals; investing in target companies or projects which have limited or no operating history and are engaged in activities currently considered illegal under US Federal laws; change in laws; limited operating history; reliance on management; requirements for additional financing; competition; hindering market growth and state adoption due to inconsistent public opinion and perception of the medical-use and adult-use marijuana industry and; regulatory or political change.
There can be no assurance that such information will prove to be accurate or that management’s expectations or estimates of future developments, circumstances or results will materialize. As a result of these risks and uncertainties, the results or events predicted in these forward-looking statements may differ materially from actual results or events.
Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this release. iAnthus disclaims any intention or obligation to update or revise such information, except as required by applicable law, and iAnthus does not assume any liability for disclosure relating to any other company mentioned herein.
THE CANADIAN SECURITIES EXCHANGE HAS NOT REVIEWED, APPROVED OR DISAPPROVED THE CONTENT OF THIS NEWS RELEASE.
InvestorIntel is a trusted source of reliable information at the forefront of emerging markets that brings investment opportunities to discerning investors.