Icanic Brands Company Inc. announced a private placement of convertible debentures for total gross proceeds of CAD 1,300,000 on September 8, 2022. The transaction included participation from certain insiders and strategic investors. The debentures carry an interest rate of 11.0% per annum, payable at maturity.

The debentures will mature in 24 months from the date of issuance. The principal amount may be convertible, at the option of the holder, in whole or in part, at any time following the issue date but on or before maturity, into units of the company at CAD 0.10 per unit. Each unit consists of one common share of the corporation and one share purchase warrant.