CORONA, Calif., March 18, 2021 /PRNewswire/ - Ikänik Farms (the "Company") is pleased to announce that the Company has received conditional approval from the Canadian Securities Exchange (the "CSE") to list the shares of the Company for trading on the CSE, under the ticker symbol "IKNK", following the completion of its previously announced transaction with Canadian Imperial Venture Corp. ("CIVC") (TSXV:CQV.H).
"We are very excited for the future of Ikänik, as we transition to a public company and continue executing on our multi-national objectives." said Brian Baca, CEO of Ikänik Farms, Inc.
The Company previously announced that it had entered into a business combination agreement with CIVC whereby the Company has agreed to sell all of the issued and outstanding securities of Ikänik Farms and the business of Ikänik Farms by way of a three-cornered amalgamation (the "Transaction"). The Transaction will result in a reverse takeover of the CIVC by the security holders of Ikänik Farms.
"We are proud to open our company to the world." said Borja Sanz de Madrid, President of Ikänik Farms International, Inc.
Closing of the Transaction
The closing of the Transaction and the listing of the Company's shares on the CSE remains subject to the satisfaction of various conditions standard for a transaction of this nature, including but not limited to: (i) receipt of all necessary regulatory, shareholder and third party consents, waivers and approvals, including the acceptance of the TSX Venture Exchange in respect of the voluntary de-listing of the Company's shares; and (ii) the completion of any and all outstanding CSE application documentation and payment of fees pursuant to the applicable CSE policies.
About Ikänik Farms
Ikänik Farms is creating a dynamic portfolio of cannabis brands, inspired by its passion for health and wellness, and action sports. Through development of its Colombian operations (Pideka), Ikänik aims to support global pharmaceutical demand for a variety of cannabis products. Ikänik's leadership brings decades of expertise in R&D, cultivation, retail, branding, and corporate finance with the ambition to build the most iconic "seed-to-sale", "MNO" Multi-National Operator. Ikänik Farms' operations are currently located in Colombia and California.
Completion of the Transaction is subject to a number of conditions, including but not limited to, the requisite shareholder approvals, the acceptance by the TSX Venture Exchange of the voluntary delisting of the common shares of the CIVC, and the acceptance by the Canadian Securities Exchange of the listing of the resulting issuer's subordinate voting shares. There can be no assurance that the Transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management information circular or listing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of the Company should be considered highly speculative.
Neither the CSE nor the TSX Venture Exchange have in any way passed on the merits of the proposed Transaction and have neither approved nor disapproved the contents of this news release.
None of the securities issued in connection with the Transaction will be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), and none of them may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act. This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities in any state where such offer, solicitation, or sale would be unlawful.
Forward Looking Statements
This news release includes "forward-looking information" and "forward-looking statements" within the meaning of Canadian securities laws and United States securities laws (together, "forward-looking information). All information, other than statements of historical facts, included in this news release that address activities, events or developments that the Company expects or anticipates will or may occur in the future is forward-looking information. When used in this news release, words such as "will", "could", "plan", "estimate", "expect", "intend", "may", "potential", "believe", "should", and similar expressions, are forward-looking information, including, but not limited to, the requisite corporate approvals of the directors and shareholders of the parties may not be obtained; the TSX Venture Exchange may not approve the voluntary de-listing; and other risks that are customary to transactions of this nature. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them.
Although the Company has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking information, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended.
There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. As a result of these risks and uncertainties, the results or events predicted in the forward-looking information may differ materially from actual results or events.
Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information in this news release is made as of the date of this release. The Company disclaims any intention or obligation to update or revise such information, except as required by applicable law, and the Company does not assume any liability for disclosure relating to any other company mentioned herein.
On behalf of the Board of Directors of Ikänik Farms Inc.
SOURCE Ikanik Farms Inc.