Toronto, Ontario--(Newsfile Corp. - January 30, 2018) - Tikun Olam Ltd. announces that on January 29, 2018 it sold over the Toronto Stock Exchange, 1,000,000 common shares (representing approximately 1.05% of the outstanding shares) of MedReleaf Corporation (TSX:LEAF). The shares were sold at a price of $22.02 per share for total gross consideration of $22,020,000. This press release is being issued pursuant to Canadian early warning requirements because Tikun Olam's ownership of shares has decreased to less than 10% of outstanding share capital of MedReleaf Corporation.
Tikun Olam now beneficially owns and controls 8,826,665 common shares representing approximately 9.31% of the outstanding share capital of MedReleaf on a non-diluted basis. Prior to the foregoing sale, Tikun Olam beneficially owned and controlled 9,826,665 common shares, representing approximately 10.36% of the outstanding shares of MedReleaf on a non-diluted basis.
The shares were sold for investment purposes. Tikun Olam has a long-term view of the investment and may acquire additional shares either on the open market or through private acquisitions or sell the shares either on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.
Tikun Olam is the first and largest supplier of medical Cannabis in Israel, and one of the leading medical cannabis companies in the world. It is also one of the founding shareholders of MedReleaf Corporation.
MedReleaf Corporation is located at Markham Industrial Park, P.O. Box 3040, Markham, Ontario, L3R 6G3. A copy of Tikun Olam's early warning report will appear on MedReleaf Corporation's profile on SEDAR at www.sedar.com and may also be obtained by contacting Tikun Olam Ltd. at +972 (3) 544-5860.