Icanic Announces Recapitalization Transaction and Support Agreement
The Recapitalization Transaction is the next step in the combination and integration of the Icanic and LEEF organizations following the closing of the merger of the companies on April 21, 2022.
- The Recapitalization Transaction is the next step in the combination and integration of the Icanic and LEEF organizations following the closing of the merger of the companies on April 21, 2022.
- Pursuant to the terms of the Restructuring Support Agreement, the Recapitalization Transaction will be implemented pursuant to arrangement proceedings under the British Columbia Business Corporations Act (the BCBCA).
- In connection with the Recapitalization Transaction, the Company and certain of its subsidiaries (collectively, the "Subsidiaries") have either entered into, or indicated agreement to enter into a restructuring support agreement (the "Restructuring Support Agreement") with certain holders of the 2019 Secured Convertible Debentures issued by Leef Holdings Inc. (LEEF), the Company's U.S. wholly-owned subsidiary, and which hold in aggregate over 74.5% of the principal amount of 2019 Secured Convertible Debentures.
- Further information about the Recapitalization Transaction will also be made available on SEDAR and the Company's website ( www.icaninc.com ).