BCC Announces $20 Million Private Placement of Common Shares
TORONTO, ON / ACCESSWIRE / March 30, 2017 / The Canadian Bioceutical Corporation (the “Company” or “BCC”) (CSE: BCC, OTC: CBICF) today announced that it intends to raise up to US$20,000,000 in a private placement by issuing approximately 54,000,000 common shares in the capital of the Company at a price of CAD$0.50 per common share. The Company will determine the number of Common Shares issuable pursuant to the offering by deeming the United States dollar / Canadian dollar currency conversion rate applicable for the issuance of common shares prior to closing.
The first tranche of the offering is expected to close imminently with subsequest tranches expected to close in April, 2017 and any securities to be issued in connection with the offering will be subject to a hold period of 4 months and 1 day under applicable securities legislation. The company may pay finder’s fees or commission in connection with the private placement.
BCC intends to use the proceeds of the offering to fund the acquisition and development of further marijuana enterprises or service companies to marijuana enterprises with targets located in Arizona, Maryland, Massachusetts, Nevada and Pennsylvania as well as general working capital purposes.
About The Canadian Bioceutical Corporation
BCC, an Ontario corporation, through its wholly owned subsidiaries in the U.S., provides management, staffing, procurement, advisory, financial, real estate rental, logistics and administrative services to two medicinal cannabis enterprises in Arizona. While the Company does not directly own, possess or sell cannabis or cannabis-infused products, it does provide substantial support and exerts considerable influence over these two businesses, which are legally authorized to sell medical cannabis and derivative products.
Under the Health for Life (“H4L”) brand, the two licensed dispensaries operate in the Mesa area, which is part of the rapidly growing Phoenix Metropolitan Statistical Area (MSA) with a population of 4.6 million people. Additionally, the Company supports the Melting Point Extracts (“MPX”) brand. The award winning MPX products have facilitated rapid growth of the brand’s wholesale business, now supplying a growing number of Arizona dispensaries.
The Company also leases a property in Owen Sound, Ontario, for which an application to Health Canada has been made for a cannabis production and sales license. In addition, the Company will continue its efforts related to its legacy nutraceuticals business.
Original press release: https://www.accesswire.com/458614/BCC-Announces-20-Million-Private-Placement-of-Common-Shares