Auxly Cannabis Group (TSXV:XLY) announced it completed its acquisition for all outstanding shares of KGK Sciences.
As quoted in the press release:
KGK is a leading health and wellness focused private contract research organization based in London, Ontario, having provided a variety of clinical services to many of North America’s leading nutraceutical, natural health product and consumer packaged goods companies. The Company expects to leverage KGK’s expertise and research abilities to further the Company’s cannabinoid-based product development efforts through collaboration with the Company’s wholly owned subsidiary, Dosecann Inc.
The total purchase price for the acquisition was approximately $12.3 million, of which $5 million was paid through the issuance of 4,132,231 common shares of the Company (“Auxly Shares”) at a price per Auxly Share of $1.21, with the remaining $7.3 million paid in cash, a portion of which was used to repay certain indebtedness of KGK on closing.