Icanic Brands Company Inc. (OTCQB: ICNAF) (CSE:ICAN) has completed its recapitalization transaction pursuant to the terms of a restructuring support agreement, dated June 8, 2022 between the company, and certain holders of the 9% secured convertible debentures issued pursuant to a convertible debenture indenture dated June 6, 2019 between LEEF Holdings, Inc. and Odyssey Trust Company, as trustee and collateral agent, as amended by the first supplemental indenture between the company, LEEF and Odyssey.

The recapitalization transaction closed pursuant to the terms of the plan of arrangement, which was approved by certain holders of the 2019 debentures of the company at a special meeting of secured debenture holders on August 8, 2022, and which received final approval from the Supreme Court of British Columbia on August 15, 2022.

Recapitalization

As of the closing of the recapitalization transaction on September 9, 2022, each secured debenture holder received:

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