MPX International Corporation (CSE:MPXI) (OTC:MPXOF), which was formed to hold all of the non-U.S. businesses of MPX Bioceutical Corp. to facilitate the merger with iAnthus Capital Holdings, Inc. (CSE:IAN) (OTC:ITHUF), just closed its non-brokered private placement financing round with millions more than expected.
Due to increased demand, the previously announced offering was increased from $20,000,000 CAD up to $26,905,162 CAD, equivalent to roughly $20,200,000 USD. Not only does this show how hungry investors are for international cannabis exposure, but it also shows that there was much more to MPX than the U.S. operations that iAnthus acquired.
The MPX International Offering
The offering consisted of the issuance of 56,052,421 Units issued at a price of $0.48 CAD per unit.
Each unit issued in the offering consists of one common share in the capital of the company and one common share purchase warrant.
Each warrant entitles the holder thereof to acquire one common share at a price of $0.60 CAD for a period of 60 months from the date hereof, subject to adjustment and acceleration in certain circumstances.
MPX International Corp. intends to use the net proceeds from the offering to fund capital expenditures in Owen Sound, Ontario as well as potential future acquisitions and for working capital and general corporate purposes.
The securities issued pursuant to the offering are subject to a four month hold period in accordance with applicable securities laws expiring on July 21, 2019.
Also, to be clear, the securities issued pursuant to the Offering and 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.
As MPX International Corp. begins deploying the $26,905,162 CAD that it raised, we’ll be sure to keep readers posted. Be sure to subscribe to updates here so you never miss an important development.
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