Isracann Bioscience Inc. (ISCNF)

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Isracann Biosciences Signs Definitive Agreement to Acquire Natural Health Medicine Developer - 03/28/2022 8:30:00 AM

VANCOUVER, British Columbia, March 28, 2022 (GLOBE NEWSWIRE) -- Isracann Biosciences Inc. (CSE: IPOT) (XFRA: A2PT0E) (OTC: ISCNF) (the “Company”) is pleased to announce that, further to the Company’s news release dated February 23, 2022, it has entered into a definitive agreement (the “Agreement”) dated March 24, 2022 with Praesidio Health Inc. (“Praesidio”). Pursuant to the Agreement, the Company will acquire all of the issued and outstanding shares in the capital of Praesidio (the “Praesidio Shares”) for aggregate consideration of C$4,000,000 in common shares (the “Consideration Shares”) of the Company (the “Transaction”). Upon closing of the Transaction (“Closing”), Praesidio will operate as a wholly-owned subsidiary of the Company.

Praesidio Health (https://www.praesidiohealth.com/) is an industry-leading, Canadian medical research company that develops and validates natural health medicine (“NHM”) using an evidence-based process. Pioneering NHMs and therapeutics, Praesidio Health is actively developing several product candidates for utility in a range of conditions, including post-viral exposure prophylaxis, urological, anxiety/stress, immune booster, and sleep aids. The company employs formulation combinations with and without cannabinoids and/or psilocybin, which opens the opportunity for product development in conjunction with future operations in Israel including direct access to European markets.

The Consideration Shares will be issued in seven tranches, with C$1,000,000 of the Consideration Shares being issued at Closing and C$500,000 of the Consideration Shares being issued every six months thereafter until the third anniversary of the date of Closing. The price of the Consideration Shares will be equal to the volume weighted average of actual trading prices (measured in hundredths of cents) of the common shares in the capital of the Company on the Canadian Securities Exchange (the “CSE”) for the ten consecutive business days prior to the applicable date of issuance. The Consideration Shares will be subject to a 48-month contractual escrow period, which will begin on date of Closing.

The Transaction remains subject to certain closing conditions, including, without limitation, the receipt of all necessary corporate and regulatory approvals and other customary closing conditions. There can be no assurance that the Transaction will be completed as proposed or at all. Closing of the Transaction is expected to occur on or about April 4th, 2022.

The securities of the Company referred to in this news release have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws. Accordingly, the securities of the Company may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. This news release does not constitute an offer to sell or a solicitation of any offer to buy any securities of the Company in any jurisdiction in which such offer, solicitation or sale would be unlawful.