Ikänik Farms Closes $3 Million Tranche of a $6M Investment Initiative to Build-Out Pideka

TORONTO, April 25, 2022 /CNW/ - Ikänik Farms, Inc. (CNSX:IKNK-U.CN) (FSE:DFMA) (the "Company" or "Ikänik Farms") is pleased to announce the completion of the first tranche of a non-brokered private placement of 20,000,000 subordinate voting share units of the Company (the "Units") with Visualiza Business SL (the "Investor") at a price of USD$0.15 per Unit for aggregate gross proceeds of USD$3,000,000. Each Unit consists of one subordinate voting share (a "Share") of the Company and one-quarter of one Share purchase warrant (each, a "Warrant"). Each whole Warrant will entitle the holder thereof to acquire an additional Share (each, a "Warrant Share") at a price of USD$0.30 per Warrant Share for a period of two years. The Shares, Warrants and, if applicable, Warrant Shares will be subject to a statutory four month hold period.