Integrated Cannabis Announces Amendment to Share Exchange Agreement with 1200665 B.C. Ltd.
VANCOUVER, British Columbia, Feb. 11, 2020 (GLOBE NEWSWIRE) — Integrated Cannabis Company, Inc. (CSE: ICAN, OTCQB: ICNAF) (“Integrated Cannabis” or the “Company”), a multi-state brand operator in California and Nevada, is pleased to announce that it has entered into an amending agreement (the “Amending Agreement”) with 1200665 B.C. Ltd. (the “TargetCo”) to settle an aggregate of $12,500,000 in outstanding debt through the issuance of 40,322,580 common shares at the price of $0.31 per share (the “Debt Conversion”).
The share exchange agreement (the “Share Exchange Agreement”) dated May 21, 2019, was previously announced on May 22, 2019 pursuant to which the Company acquired all of the issued and outstanding shares of TargetCo from the shareholders of TargetCo (the “TargetCo Shareholders”). The Company previously agreed to pay to the TargetCo Shareholders (the “Earn-Out Payment”), on a pro rata basis, $12,500,000 subject to the terms and conditions of the Share Exchange Agreement and TargetCo completing certain milestones. The terms and conditions of the Share Exchange Agreement of when the Earn-Out Payment will be paid was amended by the Amending Agreement such that the Earn-Out Payment will be settled by common shares of the Company at $0.31 per share for an aggregate of 40,322,580 common shares of the Company.“We are pleased to have cleaned up our balance sheet through the conversion of this debt. We thank our shareholders for believing in our vision for value creation,” said Brandon Kou, CEO of Integrated Cannabis.About Integrated Cannabis Company