MPX Bioceutical Corporation (CSE:MPX) announced an agreement to acquire the outstanding shares of Spartan Wellness Corporation from Ninth Square Capital Corporation and Veteran Grown Corporation.
As quoted in the press release:
Spartan is a Canadian organization whose mission is to help veterans suffering from various ailments, mostly psychological, to reduce or eliminate dependencies on opioids by directing them towards medical cannabis.
Pursuant to the terms of the Purchase Agreement, MPX will acquire all of the Spartan Shares for a total purchase price of up to $6,000,000 comprised of the following consideration and based upon the achievement of certain milestones as set out below during the period beginning on the Closing Date and ending on the date that is twenty-four (24) months following the date on which Canveda is fully licensed to produce, distribute and sell Cannabis products under Health Canada’s Access to Cannabis for Medical Purposes Regulations (the “ACMPR”) (the “Sales Period”):
up to $4,500,000 satisfied through the issuance of 4,687,500 common shares in the capital of MPX (the “MPX Shares”) issued at a price of $0.96 per MPX Share; and
up to $1,500,000 satisfied through the issuance of 1,304,348 common share purchase warrants (the “Warrants”) each exercisable into one (1) MPX Share at an exercise price of $1.15 for a period of three (3) years from the Closing Date.