Icanic Obtains Interim Court Order and Announces Meeting Details in Connection with its Recapitalization Transaction

VANCOUVER, British Columbia, July 12, 2022 (GLOBE NEWSWIRE) -- Icanic Brands Company Inc. (“Icanic” or the “Company”) (CNSX:ICAN.CN) announced today that the Supreme Court of British Columbia (the “Court”) has issued an interim order (the “Interim Order”) authorizing, among other things, the holding of a meeting (the “Meeting”) of holders (the “Secured Debentureholders”) of 9.00% secured convertible debentures (the “2019 Debentures”), to consider and vote upon a plan of arrangement (the “Plan of Arrangement”) to implement the previously-announced recapitalization transaction (the “Recapitalization Transaction”). The 2019 Debentures have been issued pursuant to a convertible debenture indenture dated June 6, 2019 (the “2019 Debenture Indenture”) between LEEF Holdings, Inc. (“LEEF”) and Odyssey Trust Company (“Odyssey”), as trustee and collateral agent, as amended by the first supplemental indenture between the Company, LEEF and Odyssey. The Plan of Arrangement is proposed to be effected through an arrangement (the “Arrangement”) under the British Columbia Business Corporations Act.