Business
Atlas Blockchain Closes $5.2MM First Tranche of Financing
Atlas Blockchain Closes $5.2MM First Tranche of Financing.
About this update from Isracann Biosciences Inc.
[{"type":"text","content":"\nTHIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES\n VANCOUVER, British Columbia, Jan. 14, 2019 (GLOBE NEWSWIRE) -- Atlas Blockchain Group Inc.  (CSE: AKE) (XFRA: A49) (OTCPINK: ATLEF) (the “Company” or “Atlas”) is pleased to announce, further to its news release on November 16, 2018, the close of approximately CAD$5.2 million as the first tranche of its previously announced non-brokered offering 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 financing efforts are concurrent to a non-binding letter of intent to acquire all the issued and outstanding common shares of Isracann Biosciences Inc. in exchange for common shares of the Company. The acquisition of Isracann Biosciences Inc. is an arm’s length transaction and is expected to constitute a fundamental change under the policies of the Canadian Securities Exchange (the “CSE”). Isracann is operationally located in Israel and aims to embark on an industrial-scale cannabis farming enterprise targeting both domestic and international commercial opportunities. The venture holds rights to prime agricultural land with preexisting production permits equivalent to Canadian ACMPR cultivation licensing, where it anticipates building 230,000 square feet of cultivation area. 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 co...