Mr. Rob Fia reports
ICON EXPLORATION INC. PROVIDES UPDATE ON CHANGE OF BUSINESS TRANSACTION
Further to its news release of Jan. 26, 2018, relating to its proposed change of business resulting from Icon Exploration Inc.'s acquisition of City View Green, the parties are in the process of completing their due diligence on each other. Assuming satisfactory due diligence, Icon hopes to be in a position to negotiate final terms to the definitive agreement by the end of the month.
As previously disclosed, City View Green is a private company incorporated under the laws of Ontario that has an exclusive five-year lease (with an option to renew for five years) with a further exclusive right to lease any future buildings and has added the option to buy the building and land owned by the building owner located in Brantford, Ont. Additional buildings can be constructed and leased totalling approximately 120,000 square feet of building space. City View Green has submitted an application to Health Canada for an Access to Cannabis for Medical Purposes Regulations (ACMPR) licence and has received a file number indicating receipt of licensed producer application under the ACMPR and further correspondence that CVG is currently under security review.
About City View Green
City View Green is targeting entry into the Canadian medical and recreational market in 2018 as a high-quality, large-scale cannabis producer. City View Green is an ACMPR applicant strategically located in Brantford, Ont., which is in close proximity to one of Canada's largest cities -- Toronto, Ont.
Upon issuance of the licence, City View Green proposes to operate a 40,000-square-foot facility, and expects to be able to utilize 28,000 square feet for cultivation. City View intends to grow pharmaceutical grade cannabis to be sold in the current medicinal market and the upcoming recreational market, upon legalization.
City View Green intends to incorporate innovative growing strategies which may be based on technological advancements in LED lighting, advanced heating, ventilation and air conditioning and dehumidification technology, and automation. This progressive growing technology is expected to improve the quality, safety, output and consistency of its cannabis production.
City View Green's management believes that its strategic location in Brantford, Ont., should enable it to be able to draw on the best talent available in the market which is in close proximity to several agricultural learning centres, colleges and universities. FDi, a division of Financial Times Ltd., ranked the city of Brantford at the top spot as the most business-friendly city in the microcity category in the 2017/2018 FDi report.
Icon will provide further disclosure on the proposed transaction as final terms are negotiated and information becomes available to it, including any concurrent financing or any changes to Icon's board and management that may be effected on closing of the proposed transaction.
Kingsdale Capital Markets Inc., subject to completion of satisfactory due diligence, has agreed to act as sponsor in connection with the transaction, if an exemption from sponsorship is not obtained or available. An agreement to sponsor should not be construed as any assurance with respect to the merits of the transaction or the likelihood of completion.
About Icon Exploration Inc.
Icon is a publicly traded company on the NEX Exchange. Its primary objective is to create a well-diversified company that will produce long-term returns for its shareholders and investors. The company's current focus is on assessing potential acquisition targets in the cannabis industry.
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