Isracann Announces Launch of Early Warrant Exercise Incentive Program and Repricing
VANCOUVER, British Columbia, Jan. 11, 2021 (GLOBE NEWSWIRE) — Isracann Biosciences Inc. (CSE: IPOT) (XFRA: A2PT0E) (OTC: ISCNF) (the “Company” or “Isracann”) an Israel-based company focused on becoming a premier low cost, high quality cannabis producer announces it has implemented a warrant exercise incentive program designed to encourage exercise of up to 20,574,216 of its outstanding share purchase warrants expiring on September 30, 2021 (the “Warrants”). The Company will amend the exercise price of the Warrants from $1.02 per common share of the Company (each, a “Share”) to $0.30 per Share, subject to acceleration. If, for any ten consecutive trading days during the unexpired term of the Warrants the closing price of the Shares on the Canadian Securities Exchange exceeds $0.375, then, upon the Company sending to the holders of the Warrants (the “Warrantholders”) notice of acceleration of the expiry date by way of a news release announcing such accelerated expiry date, the Warrants will only be exercisable for a period of 30 days following the date of such news release.
Under the incentive program, the Company is offering an inducement to each Warrantholder who exercises their Warrants prior to March 31, 2021. All Warrants exercised prior to March 31, 2021 will receive one additional share purchase warrant (each, an “Incentive Warrant”) for each Warrant exercised. Each Incentive Warrant will entitle the holder to purchase one additional Share at $0.50 per Share for 24 months from the date of issuance. Any Shares issued upon exercise of the Incentive Warrants will be subject to a four-month hold period from the date of issuance of the Incentive Warrants.In related news, the Company wishes to advise it has engaged the services of Empire Communications Group to manage Isracann’s investor relations services.About Isracann Biosciences Inc. (CSE: IPOT) (XFRA: A2PT0E) (OTC: ISCNF)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 PresidentContact
Empire Communications Group
Phone: +1 (604) 343-2724
Email: [email protected]
Web: www.isracann.comThe CSE does not accept responsibility for the adequacy or accuracy of this release.