Business
Atlas Blockchain Closes $10.1MM Total Financing for Proposed Acquisition of Israeli Cannabis Operation
Atlas Blockchain Closes $10.1MM Total Financing for Proposed Acquisition of Israeli Cannabis Operation.
About this update from Isracann Biosciences Inc.
[{"type":"text","content":"\n--Company prepares to service growing European demand for quality high grade products\n THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES VANCOUVER, British Columbia, May 21, 2019 (GLOBE NEWSWIRE) -- Atlas Blockchain Group Inc.  (CSE: AKE) (XFRA: A49) (OTCPINK: ATLEF) (the “Company” or “Atlas”) is pleased to announce that it has has closed a second tranche of its recently announced private placement, raising total gross proceeds of $10.1MM for the entire offering. Darryl Jones, President of Isracann says, “We are extremely pleased to announce the successful close of our CAD$10.1 million financing efforts. The proceeds are a welcome addition to our already healthy cash position. Our strong balance sheet will propel our efforts to complete Isracann’s proposed Phase I facility of 230,000 square feet of cultivation area and we can look beyond the immediate plans in order to execute additional strategic goals. With the recently announced regulatory changes allowing product export from Israel, we look forward to rapidly building an enterprise aimed at both the domestic and underserved European consumer markets.” The Company completed its final tranche of a non-brokered offering of subscription receipts of the Company (the “Subscription Receipts”) at $0.17 per Subscription Receipt for gross proceeds of $4.9 million (the “Offering”). The Offering consists of subscription receipts of the Company (the “Subscription Receipts”) at $0.17 per Subscription Receipt (the “Offering”). Each Subscription Receipt entitles the holder to receive, upon satisfaction of certain escrow release conditions, and without payment of additional consideration, one unit in the capital of the Company (each, a “Unit”).  Each Unit will be comprised of one common share of Atlas (each, a “Atlas Share”) (pre-consolidation basis) and one Atlas Share purchase warrant (each, a “Warrant”) (pre-consolidation basis). Each Warrant will entitle the holder thereof to acquire one Atlas Share at $0.34 per Atlas Share for two years following the date of issuance. The Company received aggregate gross proceeds of approximately $10.1MM including gross proceeds from the first tranche closed on...