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TORONTO, April 25, 2022 /PRNewswire/ – Ikänik Farms, Inc. (CSE:IKNK) (FSE: DFMA) (the “Company” or “Ikänik Farms”) is pleased to announce the completion of the first tranche of a non-brokered private placement of 20,000,000 subordinate voting share units of the Company (the “Units”) with Visualiza Business SL (the “Investor”) at a price of USD$0.15 per Unit for aggregate gross proceeds of USD$3,000,000. Each Unit consists of one subordinate voting share (a “Share”) of the Company and one-quarter of one Share purchase warrant (each, a “Warrant”). Each whole Warrant will entitle the holder thereof to acquire an additional Share ( each, a “Warrant Share”) at a price of USD$0.30 per Warrant Share for a period of two years. The Shares, Warrants and, if applicable, Warrant Shares will be subject to a statutory four month hold period.
The Investor will be entitled to appoint two independent directors to the Company’s board of directors (the “Board”) to fill the vacancies created by the resignations of Mr. Brian Baca and Mr. JJ Thomas from the Board. Following this, the Board will consist of three independent, non-executive directors and three executive directors.
Visualiza Business SL. is an integrated management finance company with operating businesses in technology, leisure tourism, health, housing and communications across Spain. “We are proud to invest in the Company we believe has the strongest business model and the most effective indoor crop structure to supply the medicinal cannabis market in Europe” says Jose Ramón García Gonzalez, CEO Visualiza Business SL.
The use of…
Full story available on Benzinga.com
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