Toronto-headquartered MPX International Corporation has successfully closed its previously announced non-brokered private placement offering.
Due to increased demand, the previously announced offering was increased from C$20m (approximately US$15m) to C$26.9m (approximately US$20.2m).
The offering consists of the issuance of 56,052,421 units issued at a price of C$0.48 per Unit.
MPX 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.
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 C$0.60 for a period of 60 months from the date herof, subject to adjustment and acceleration in certain circumstances.
MPX International Corporation is focused on developing and operating assets across the global cannabis industry with an emphasis on cultivating, manufacturing and marketing products which include cannabinoids as their primary active ingredient.Cannabis Business Worldwide