Maricann Announces Upsize of Previously Announced Private Placement

TORONTO, ONTARIO--(Marketwired - Dec. 14, 2017) -

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Maricann Group Inc. (CSE:MARI)(CSE:MARI.CN)(CNSX:MARI)(OTCQB:MRRCF)(FRANKFURT:75M) ("Maricann" or the "Company") is pleased to announce that it has entered into an amended letter of engagement with Eight Capital, under which Eight Capital has now agreed to offer for sale, as sole bookrunner and co-lead agent with Canaccord Genuity Corp., and together with a syndicate of agents including Industrial Alliance Securities (the "Agents"), special warrants of the Company (the "Special Warrants"), on a "best efforts" private placement basis, subject to all required regulatory approvals, at a price per Unit of $2.00 (the "Issue Price") for total gross proceeds of up to $35,000,000 (the "Offering").

The Company has also granted the Agents an option (the "Over-Allotment Option") exercisable in whole or in part, at any time up to 48 hours prior to the closing of the Offering, to purchase up to an additional 15% of the Special Warrants at the Issue Price. If the Over-Allotment Option is exercised in its entirety, the aggregate gross proceeds of the offering will be 40,250,000.

Each Special Warrant shall be automatically exercisable into units of the Company (the "Units"), as described below. Each Unit shall consist of one common share of the Company (a "Share") and one-half of one common share purchase warrant (each full warrant, a "Warrant"). Each Warrant shall entitle the holder thereof to acquire one Share at a price of $2.35 per Share for a period of 36 months following the Closing Date.

Each Special Warrant shall be automatically exercisable, for no additional consideration, into Units on the date (the "Automatic Exercise Date") that is the earlier of: (i) the date that is three business days following the date on which the Company obtains a receipt from the applicable securities regulatory authorities (the "Securities Commissions") for a (final) prospectus qualifying distribution of the Units underlying the Special Warrants (the "Qualifying Prospectus"), and (ii) the date that is four months and one day after the Closing of the Offering.