VANCOUVER, British Columbia, June 11, 2020 (GLOBE NEWSWIRE) — Icanic Brands Company, Inc. (CSE: ICAN, OTCQB: ICNAF) (“Icanic Brands” or the “Company”), is pleased to announce a non-brokered placement of up to 8,000,000 units (the “Units”) at a price of $0.25 per Unit for gross proceeds of up to $2,000,000 (the “Offering”). Each Unit will consist of one common share in the capital of the Company (a “Share”) and one common share purchase warrant (each whole warrant, a “Warrant“). Each Warrant shall be exercisable to acquire one additional Share at a price of $0.31 for a period of two years from the date of issuance. In the event that the Shares trade at a closing price of greater than $0.50 per Share for ten (10) consecutive trading days, the Company may accelerate the expiry date of the Warrants to expire on the 30th day after the date on which such notice is given.In connection with the Offering, the Company may pay a finder’s fee within the amount permitted by the policies of the Canadian Securities Exchange (the “Exchange”).Closing of the Offering is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including the Exchange. All securities issued in connection with the Offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation. In addition to the statutory hold period the shares issued will be subject to an additional hold period of six months commencing from the date of issuance and the Warrants and share issuable upon exercise of the warrants will be subject to a voluntary hold period of twelve months from the date of issuance. The Offering is not subject to a minimum aggregate amount of subscriptions. The net proceeds from the Offering will be used for general corporate purposes and to execute the Company’s annual marketing plan.About Icanic Brands Company, Inc.
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