VANCOUVER, British Columbia, Oct. 11, 2019 (GLOBE NEWSWIRE) -- Isracann Biosciences Inc. (fka Atlas Blockchain Group Inc.) (CSE: AKE) (XFRA: A49) (OTCPINK: ATLEF) (the “Company”) is pleased to announce that it has completed its previously announced acquisition (the “Transaction”) of Isracann Holdings Inc. (formerly, Isracann Biosciences Inc.) (“Isracann”). Terms of the Transaction were set out in a share exchange agreement entered into on March 12, 2019, between the Company, Isracann and the shareholders of Isracann. The Transaction was approved at a special meeting of the shareholders of the Company held on July 5, 2019. The Transaction constitutes a “fundamental change” pursuant to Policy 8 – Fundamental Changes and Change of Business of the Canadian Securities Exchange (the “CSE”) and the Company will carry on the business of Isracann, which is now a wholly owned subsidiary of the Company.
Name Change and Consolidation
In connection with the Transaction, the Company consolidated its common shares on the basis of one post-consolidation share for each three pre-consolidation shares (the “Consolidation”) and changed its name to “Isracann Biosciences Inc.”.
Board of Directors
The Company is pleased to announce its board of directors following completion of the Transaction is as follows: Darryl Jones, Sean Bromley, Yana Popova, Desmond Balakrishnan and Dr. Irit Arbel.
In addition, the Company is pleased to announce its executive management as follows:
- Darryl Jones – Chief Executive Officer and President
- Yana Popova – Chief Financial Officer and Corporate Secretary
- Israel Moseson – Chief Operating Officer
Escrow Release
Further to a previously announced private placement of subscription receipts of the Company for gross proceeds of $10,110,211 (the “Financing”), the Company is pleased to announce that it has satisfied the escrow release conditions and the net proceeds have been released to the Company. The securities issued pursuant to the Financing are subject to a four month hold period from the escrow release date.
CSE Listing
The CSE issued its conditional approval of the Transaction on September 23, 2019. The Company’s post-Consolidation common shares will resume trading on the CSE under the new ticker symbol “IPOT” after the CSE’s conditions for listing are satisfied and the CSE issues its final exchange bulletin confirming the completion of the Transaction.
Additional information in respect of the Company’s business and the Transaction will be available in the Company’s listing statement which will be filed under Company’s profile on www.sedar.com upon receipt of the CSE’s final approval.
About Isracann Biosciences Inc.
Isracann is an Israeli-based cannabis company focused on becoming a premier cannabis producer offering low-cost production targeting undersupplied, major European marketplaces. Based in Israel's agricultural sector, Isracann will leverage its development within the most experienced country in the world with respect to cannabis research. The Company has secured agreements within Israel for medicinal marijuana cultivation. For more information visit: www.isracann.com.
ON BEHALF OF THE BOARD OF DIRECTORS
“Darryl Jones”
Darryl Jones
Chief Executive Officer and President
The CSE does not accept responsibility for the adequacy or accuracy of this release.
All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ, materially from the Company’s expectations are disclosed in the Company’s documents filed from time to time with the Canadian Securities Exchange, the British Columbia Securities Commission, the Ontario Securities Commission and the Alberta Securities Commission.
Contact
Investor Relations
+1(604) 343-8661
info@isracann.com
www.isracann.com