Business
Icon Exploration Inc. Executes Formal Share Exchange Agreement in Furtherance of its Change of Business Transaction
Toronto, Ontario--(Newsfile Corp. - November 7, 2018) - Icon Exploration Inc. (TSXV: IEX.H) ...
About this update from Therma Bright Inc.
[{"type":"text","content":"Icon Exploration Inc. Executes Formal Share Exchange Agreement in Furtherance of its Change of Business TransactionToronto, Ontario--(Newsfile Corp. - November 7, 2018) - Icon Exploration Inc. (TSXV: IEX.H) (\"Icon\" or the \"Company\") is pleased to advise that it has now signed the formal share exchange agreement relating to its proposed change of business resulting from the acquisition of City View Green (the \"Proposed Transaction\"). As disclosed in prior news releases this past year, City View Green (or \"CVG\") is a private numbered company incorporated under the laws of Ontario that has an exclusive 5 year lease (with an option to renew for 5 years) with a further exclusive right to lease any future buildings and has added the option to buy the building and land owned by the building owner located in Brantford, Ontario. Additional buildings can be constructed and leased totaling approximately 120,000 ft² of building space. City View Green has submitted an application to Health Canada for an Access to Cannabis for Medical Purposes Regulations (\"ACMPR\") licence and has received a file number indicating receipt of the licensed producer application under the ACMPR and further correspondence that CVG is currently in the in-depth review stage of the application review process. City View Green also owns standard operating procedures and extraction facility plans which it expects to utilize in its extraction business once it is granted the ACMPR licence. In addition, City View is in the process of completing the acquisition of a 19.99% interest in a private company that has made application for licences permitting it to operate retail cannabis stores in Alberta. As at September 30, 2018 (unaudited), CVG had current assets of $468,196 and total assets of $2,925,933, total liabilities of $132,250, no revenues and total comprehensive loss of $776,655. It is expected that prior to closing of the Proposed Transaction, CVG will have raised an additional minimum $1,000,000 and obtained a $1,400,000 line of credit for construction and equipment of its facility. About City View GreenCity View Green set out to build a state-of-the art cannabis company from the ground up. In just over 12 months, the company has made significant strides to develop a solid business footing while applying for its ACMPR licence.City View Green believes ...