Icon Exploration Inc. Provides Update on Status of Proposed Change of Business Transaction
Toronto, Ontario, February , 2019 - Icon Exploration Inc. (TSXV: IEX.H) ("Icon" or the"Company") is pleased to announce that City View Green (“CVG”) has now (i)completed its last seed raise, having raised $1,000,000.50; (ii) completed a mutualshare exchange transaction pursuant to which it has acquired a 19.9% interest in BuddHutt Inc., an Ontario private company that holds the exclusive rights to acquire anAlberta private company that has submitted application for 37 retail cannabis stores inAlberta; and (iii) has cancelled certain previously issued options. Consequently, theparties are in the process of submitting updated listing documents to the CanadianSecurities Exchange (“CSE”) reflecting all of these changes. Upon clearance from theCSE to do so, Icon and CVG will coordinate dates with the TSX Venture Exchange(“TSXV”) and CSE, to close the proposed change of business transaction (“ProposedTransaction”), to delist Icon’s shares from the TSXV and to list Icon’s shares on CSE.Icon anticipates that this will be within the next two weeks and will issue a further newsrelease once the specific dates are set.
Icon also advises that Icon and CVG have agreed to further amendments to certainterms of the Proposed Transaction. The material amendments extend the deadline bywhich the transaction has to close to February 28, 2019, and reduce the exchange ratiorelating to the number of Icon options to be issued to CVG optionholders at closing.Consequently, on closing of the Proposed Transaction, Icon will now issue 8 post-consolidation Icon common shares for every issued common share of CVG; and Iconwill issue 4 Icon five-year incentive options for each outstanding CVG option that will becancelled at closing.
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