mCig, Inc. (OTCPK:MCIG) announced a private placement of 50,000 Series A preferred shares at $4 per share and 50,000 warrants for gross proceeds of $200,000 on January 31, 2017. The company issued 25,000 shares and 25,000 warrants each to returning investor Paul Rosenberg, Chief Executive Officer and Epic Industry Corp, a company owned by new investor Michael Hawkins, Chief Financial Officer. Each preferred share is convertible into 10 common shares. Warrants will entitle each investor to purchase 25,000 shares at $0.75 per share for a period of five years. As result of the transaction, Paul Rosenberg will hold 16,025,000 preferred shares and 25,000 warrants.