ICC Labs Announces Update to Terms of Investment with Strategic European Partner, ICC International Cannabis Corp.

23/05/2018
ICC Labs Announces Update to Terms of Investment with Strategic European Partner


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VANCOUVER, British Columbia , March 28, 2018 (GLOBE NEWSWIRE) -- ICC Labs Inc. ("ICC Labs" or the "Company") (TSX-V:ICC) (Frankfurt:2Q9) is pleased to provide an update on its previously announced proposed strategic investment in Global Group Kalapa S.L. ("KALAPA"), a private company headquartered in Barcelona.
 

In accordance with a term sheet signed by ICC Labs and KALAPA, ICC Labs intends to acquire an initial 25% equity stake in KALAPA at an agreed upon valuation for KALAPA of €3,500,000 to be paid with a combination of cash, pure CBD produced by ICC Labs, and common shares of ICC Labs valued at an agreed upon price per common share of Cdn.$1.40. The allocation of the consideration is to be determined by the parties pursuant to a definitive acquisition agreement.

In addition, ICC Labs will be granted an option to acquire the remaining 75% of KALAPA at the same valuation prior to the end of 2018 in a combination of cash and securities of ICC Labs.

The closing of the investment remains subject customary closing conditions, including approval of the TSX Venture Exchange (the "TSX-V"), negotiating and entering into definitive transaction documents and the completion of due diligence.

ABOUT GLOBAL GROUP KALAPA S.L.

Global Group Kalapa SL is a holding company based in Barcelona, Spain. It is owner of Kalapa Clinic - the first pan-European medical consultancy specializing in treatments with cannabinoids - as well as of KSK Labs, a producer and manufacturer of products based on CBD. Kalapa furthermore is a joint venture partner in other projects with medicinal cannabis, one of them being CanPharma, an applicant for an import and distribution license in Germany.