Atlas Global Brands Inc. (CNSX:ATL) signed a binding LOI to acquire 70% stake in Pharmacy in Tel Aviv from unknown sellers for ILS 1.3 million on March 2, 2023. In related transaction Atlas Global entered into LOI to acquire Pharmacy 2 is located in Jerusalem. Each of Proposed Transaction 1 and Proposed Transaction 2 will include a put option pursuant to which the vendors will be entitled, upon subject to satisfaction of yet-to-be determined conditions to sell the remaining 30% and 49% interest to the Company, at a price based on yet-to-be determined financial results.

The Proposed Transactions are subject to receipt of all necessary regulatory approvals, including, as applicable, approval of the CSE, completion of due diligence reasonable or customary in a transaction of a similar nature, and entering into a definitive agreement, among other conditions. The parties intend to enter into a definitive agreement regarding the Proposed Transactions by March 31, 2023, or such other date as may be agreed to by the vendors and the Company. The Proposed Transactions are expected to close in the last quarter of the fiscal 2023 transition year, following the completion of the due diligence process and satisfying conditions precedent.