Invictus MD Announces Binding LOI to Acquire Health Canada Licensed Producer and $10 Million Private Placement
Invictus MD Strategies (CSE:IMH) has announced that it has entered into a binding letter of intent to acquire 33 1/3 percent of AB Laboratories and 33 1/3 percent of AB Farms for a total aggregate transaction value of $17.25 million, based on the November 17, 2016 closing price.
As quoted in the press release:
Concurrent Private Placement
The Company also announces a concurrent private placement of units at a price of $1.05 per unit to raise gross proceeds of CAD$10,000,000 (the “Offering”), which will be used to fund the acquisitions. Each unit will consist of one common share and one-half of a common share purchase warrant exercisable to purchase an additional share at $1.75 for 18 months. The warrants will also be subject to an acceleration clause whereby if the closing price of the Company’s shares is equal to or greater than $2.75 for a period of 10 consecutive trading days, the Company will have the right to accelerate the expiry of the warrants by giving 10 business days’ notice.
The letter of intent provides for the vendors participation in the Offering of up to CAD$3,000,000. Certain insiders of the Company have also indicated that they will participate in the Offering.
Eventus Capital Corp. will act as the finder in connection with a portion of the Offering. Finder’s fees in connection with the Offering will consist of a combination of cash and/or finder’s warrants.
The first transaction is to acquire 33 1/3% of AB Labs with the payment of CAD$7,000,000 in cash and the issuance of such number of common shares of Invictus MD as is equal to CAD$1,250,000 based on the volume weighted average trading price of Invictus MD three (3) days prior to entering into the definitive agreement and an additional 1,200,000 common shares issued at closing.
The second transaction is to acquire 33 1/3% of AB Farms with the payment of CAD$7,500,000 on an as needed basis. In connection with the acquisition of AB Farms, Invictus MD will pay a non-refundable deposit of CAD$100,000.
CanBud Distribution Corporation Closes 2M Second and Final Tranche of its Oversubscribed Private Placement Offering
CanBud Distribution Corporation (CSE: CBDX) (FSE: CD0) (“CanBud” or the “Corporation”) is pleased to announce that it has closed the final tranche of its oversubscribed non-brokered private placement for aggregate gross proceeds of approximately $4,730,000 (the “Offering”).
The Corporation issued a combined total of 39,409,346 units (each a “Unit“) at price of $0.12 per Unit, with each Unit comprised of one common share in the capital of the Corporation (each a “Common Share“) and one common share purchase warrant (each a “Warrant“). Each Warrant entitles the holder to purchase one additional Common Share at an exercise price of $0.22 within 24 months of the closing of the Offering (the “Warrant Term“), provided, however that if the closing price of the Common Shares on the Canadian Securities Exchange (the “CSE“) (or any such other stock exchange in Canada as the Common Shares may trade at the applicable time) is $0.25 or greater per Common Share for a period of five (5) consecutive trading days at any time after the closing date of the Offering, the Corporation may accelerate the Warrant Term such that the Warrants shall expire on the date which is 30 days following the date a press release is issued by the Corporation announcing the reduced warrant terms.
Thoughtful Brands Inc. (CSE:TBI)(FSE:1WZ1)(OTCQB:PEMTF) (the “Company” or “Thoughtful Brands) announces that the letter of intent with Franchise Cannabis Corp. (“FCC”), previously announced in January, has been terminated. The previously announced European joint venture with FCC will continue and allow the Company to launch and tailor its products to European consumer demands
In connection with termination of the merger transaction with FCC, the Company has agreed to pay FCC $100,000 in cash and to issue FCC 5,000,000 common shares of the Company at a deemed value of $0.05 per share. The common shares will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws.
Mergers and acquisitions (M&A) in cannabis space have helped boost the industry to new levels.
Strategic sale of non-core assets by Lobe adds non-dilutive capital and shareholder value
Lobe Sciences Ltd. (CSE: LOBE) (OTC Pink: GTSIF) (“Lobe” or the “Company”) is pleased to announce, further to its press release dated February 23, 2021, that it has completed the sale to Ionic Brands Corp. (“Ionic Brands”) of Lobe’s non-core cannabis assets relating to Washington-based Cowlitz County Cannabis Cultivation Inc. (“Cowlitz”) held by Lobe’s subsidiary vendor, Green Star Biosciences Inc. (the “Transaction”).
Seattle Area Grocery Chain Metropolitan Market to Begin Carrying KOIOS and Fit Soda on March 22, 2021
Adding to its existing presence on the west coast of the United States, all five KOIOS™ flavours and all four Fit Soda™ flavours will be carried in Metropolitan Market stores beginning on Monday, March 22, 2021. Serving the Seattle-Tacoma area (population 3.87 million), Metropolitan Market is one of five chains under its parent firm Good Food Holdings, which has a total of 51 stores in California, Oregon, and Washington State.
Koios Beverage Corp. (CSE: KBEV; OTC: KBEVF) (the “Company” or “Koios”) is pleased to announce that beginning on Monday, March 22, 2021, Koios’ entire line of canned beverage products will be sold at all locations of Metropolitan Market, an urban format supermarket chain in the Seattle-Tacoma area of Washington State. In Q1 2021, the Company announced multiple placements of its beverage products with regional grocers in markets on the west coast of the United States including Market of Choice in Oregon Jensen’s in Southern California and major natural grocery chain Sprouts Farmers Market which has a substantial west coast presence with over one third of its locations (360+ stores across 23 states) in California as well as Washington State 1 . The Company has also recently announced other developments relating to its expansion efforts being undertaken in 2021 such as an in-house beverage canning facility and distribution agreements with regional and national wholesale partners.