C21 Investments Inc. (CSE: CXXI) (the “Company” or “C21”) announces it has closed the private placement disclosed in News Releases dated June 28, 2018 and July 9, 2018 for gross proceeds of Cdn$5,330,000.
In accordance with the provisions of Subscription Agreements, on July 19, 2018 the Company issued a total of 2,132,000 Units at Cdn$2.50 per Unit, each Unit consisting of one common share (the “Shares”) and one-half (1/2) share purchase warrant, each whole warrant entitling the holder to purchase one (1) additional common share (for a total of up to 1,066,000 Warrant Shares) at Cdn$5.00 per Warrant Share on or before July 18, 2019.
The Shares, together with any Warrant Shares that may be issued on exercise of the Warrants (except for 1,280,000 Units that were issued to consultants, and accordingly are not subject to a hold period), will be subject to a hold period under applicable Canadian securities laws expiring on November 20, 2018, and will be subject to such further restrictions on resale as may apply under applicable foreign securities laws.
As previously disclosed, proceeds raised will be used toward expenditures required for new acquisitions currently under negotiation, and for general working capital purposes.