Business
Update: Atlas Blockchain to Acquire Isracann Biosciences Inc. and Complete Concurrent Financing for Up to $15 Million
Update: Atlas Blockchain to Acquire Isracann Biosciences Inc. and Complete Concurrent Financing for Up to $15 Million.
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, Nov. 16, 2018 (GLOBE NEWSWIRE) -- Atlas Blockchain Group Inc.  (CSE: AKE) (XFRA: A49) (OTCPINK: ATLEF) (the “Company” or “Atlas”) today provides an update detailing term particulars concerning a proposed concurrent financing as previously announced on October 11, 2018 in respect to its entry into a non-binding letter of intent dated October 8, 2018 (the “Letter Agreement”) between the Company and Isracann Biosciences Inc. (“Isracann”), a private British Columbia company. 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 in exchange for common shares of the Company (the “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”). Prior to the closing of the Acquisition, Atlas will complete a non-brokered offering of subscription receipts of the Company (the “Subscription Receipts”) at $0.17 per Subscription Receipt for gross proceeds of at least $5,000,000 to a maximum of $15,000,000 (the “Offering”). Each Subscription Receipt will entitle the holder to receive, upon satisfaction of certain escrow release conditions, ...