The acquisition of Isracann Biosciences totaled C$10.1 million, as the Canadian Stock Exchange granted approvals today.
Atlas Blockchain (CSE:AKE) has announced that the C$10.1 million acquisition of Israel-based has been conditionally approved by the Canadian Securities Exchange. The transaction is expected to close in October 2019, as Atlas Blockchain aims to further enter into European markets through the acquisition.
As quoted in the press release:
Pursuant to the Transaction, the Company will be acquiring all outstanding securities from the shareholders of Isracann (the “Isracann Shareholders”). The Isracann Shareholders are expected to receive 47,180,000 common shares in the capital of the Company (the “Atlas Shares”) at a deemed price of $0.50 per Atlas Share on a pro-rata basis. Subject to the fulfillment of the conditions precedent set out in the Securities Exchange Agreement dated March 12, 2019 among the Company, Isracann and the Isracann Shareholders, the Transaction is expected to close in October 2019. Upon completion of the Transaction, the Company intends to change its name to “Isracann Biosciences Inc.” and have its common shares trade under the new symbol “IPOT”. Isracann will change its name to “Isracann Holdings Ltd.” upon completion of the Transaction.
Darryl Jones, President of Isracann notes, “Today’s announcement is an important milestone that will accelerate activities as we move forward in the execution on our strategic plan. As announced in May, Atlas already closed its highly successful CAD$10.1 million financing efforts which bolstered an already healthy cash position. Now that we have the conditional approval to conclude the Transaction and subsequent public listing, we are ready to commence Isracann’s proposed Phase I facility of 230,000 square feet of cultivation area and additional strategic goals. With Israel’s recently adopted export legislation we look forward to working towards a leading role in the development of both the domestic and underserved European consumer markets.”