Atlas Blockchain to Acquire Isracann Biosciences and Complete Concurrent Financing for Up to $15 Million

Atlas Blockchain (CSE:AKE) has announced it has entered into a non-binding letter of intent dated October 8.

As quoted in the press release:

Operationally located in Israel, Isracann aims to embark on an industrial-scale cannabis farming enterprise targeting both domestic and international commercial opportunities. With three (3) agreements in-place, the venture holds rights to over 580,000 square feet of prime agricultural land with preexisting production permits equivalent to Canadian ACMPR cultivation licensing. Israel has been a leader in cannabis research for over 50 years and further enjoys extremely favorable climatic conditions, both of which strategically factor into premium product development opportunities. Proximally located to Europe’s undersupplied markets ideally situates Isracann with potential access to a consumer base, which based on population alone, is larger than the size of the USA and Canada combined.

The Letter Agreement contemplates a proposed business combination transaction (the “Acquisition”) pursuant to which the Company will acquire all the issued and outstanding common shares of Isracann (“Isracann Shares”) in exchange for common shares of the Company (“Atlas Shares”). The Acquisition is an arm’s length transaction and is expected to constitute a fundamental change under the policies of the Canadian Securities Exchange (the “CSE”).

Details of the Acquisition

Pursuant to the terms of the Letter Agreement, shareholders of Isracann will receive one Atlas Share for each Isracann Share held at the closing of the Acquisition (the “Closing”). It is currently anticipated that 43,480,000 Atlas Shares will be issued pro rata at a deemed price of $0.50 per Atlas Share to the shareholders of Isracann.

Click here to read the full press release.