On January 4, 2023, Atlas Global Brands Inc. (formerly Silver Phoenix Resources Inc. "Silver Phoenix") announced the successful completion of its previously announced business combination, pursuant to a reverse take-over ("RTO") transaction, with each of Atlas Biotechnologies Inc., AgMedica Bioscience Inc. and Cambrosia Ltd. and the concurrent acquisition by Cambrosia of each of Tlalim Pappo Ltd., Pharmacy Baron Ltd., and R.J. Regavim Ventures Ltd., privately held operating cannabis pharmacies in Israel, all to form Atlas Global Brands Inc.
The RTO transaction constitutes a "fundamental change" of Silver Phoenix pursuant to the policies of the Canadian Securities Exchange, and positions Atlas Global Brands as a leading international cannabis company with operations in Canada and Israel, with combined expertise in all facets of the cannabis value chain.
As a result of the completion of the transaction, former shareholders of Atlas Biotechechnologies now hold approximately 25% of the issued and outstanding common shares of Atlas Global.
Gowling WLG advised Atlas Biotechnologies with respect to this transaction with a team led by Sharagim Habibi and that included Greg Peterson.
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