Icanic Secured Debentureholders Overwhelmingly Approve Recapitalization Transaction
VANCOUVER, British Columbia, Aug. 08, 2022 (GLOBE NEWSWIRE) -- Icanic Brands Company Inc. (Icanic or the Company) (CSE: ICAN)(OTCQB: ICNAF), a multi-state brand operator of premium cannabis brands in California, announces that, at the meeting of Secured Debentureholders held on August 8, 2022, the Secured Debentureholders voted overwhelmingly in support of the previously announced recapitalization transaction (the Recapitalization Transaction) to be implemented by way of a court-approved plan of arrangement under the British Columbia Business Corporations Act (the Plan of Arrangement).
- VANCOUVER, British Columbia, Aug. 08, 2022 (GLOBE NEWSWIRE) -- Icanic Brands Company Inc. (Icanic or the Company) (CSE: ICAN)(OTCQB: ICNAF), a multi-state brand operator of premium cannabis brands in California, announces that, at the meeting of Secured Debentureholders held on August 8, 2022, the Secured Debentureholders voted overwhelmingly in support of the previously announced recapitalization transaction (the Recapitalization Transaction) to be implemented by way of a court-approved plan of arrangement under the British Columbia Business Corporations Act (the Plan of Arrangement).
- For additional details regarding the Recapitalization Transaction, please see the Companys news releases dated June 8 and July 13, 2022.
- At the meeting of holders (the Secured Debentureholders) of the 9% secured convertible debentures (the Secured Debentures) issued by the Company, 98.59% of the votes cast by Secured Debentureholders (representing 69.77% of the outstanding Secured Debentures) were voted in favour of the Plan of Arrangement.
- Forward-looking statements may include, without limitation, statements relating to: the implementation and completion of the Recapitalization Transaction and the Arrangement, and the Company obtaining the Final Order.