Toronto (pcJ News Briefs) – The Canadian Bioceutical Corporation (CSE: BCC, OTC Grey Market: CBICF) intends to raise up to US $20 million by way of a private placement of 54 million common shares at CDN $0.50 per common share for CDN $27 million. The first tranche of the offering is expected to close imminently with subsequent tranches expected to close in April, 2017.
Canadian Bioceutical 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.
The Canadian Bioceutical Corporation, 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.
photo credit: Canadian Bioceutical