Mr. Eugene Beukman reports
INTERNATIONAL CANNABIS APPLIES FOR VOLUNTARY DELISTING FROM CANADIAN SECURITIES EXCHANGE
ICC International Cannabis Corp. has applied to voluntarily delist the company's common shares from the Canadian Securities Exchange.
The company has recently been evaluating various options and alternatives to allow for the expansion of its business activities, and has considered all measures necessary to preserve its operations, which includes assessing cost cutting measures to preserve its working capital position.
In the course of its review process, the company has determined that certain financing opportunities at valuations that better reflect the underlying asset value of the company are only available should the company become a non-listed reporting issuer.
Written consent for the delisting has been obtained by the company from a majority of the minority shareholders of the common shares, excluding those common shares held by officers or directors. The delisting will be subject to final approval by the CSE.
Subsequent to delisting, the company will continue to be a reporting issuer in certain jurisdictions in Canada and will remain subject to continuous disclosure requirements. ICC's current shareholders will remain shareholders of the company.
The company intends to pursue alternative liquidity for shareholders throughout 2020, at its discretion, including but not limited to a reverse takeover (RTO), a direct listing, asset sale, joint venture and/or trade sale.
About ICC International Cannabis
ICC International Cannabis, through its subsidiaries, has operating assets and is developing a world-class platform for cultivation, extraction, formulation and distribution across the globe.
We seek Safe Harbor.
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