MPX Bioceutical Corporation (CSE:MPX) announced the complete acquisition of all issued and outstanding shares of Canveda, a licensed producer of cannabis in Canada.
As quoted in the press release:
Canveda’s fully built-out 12,000 square foot facility, located in Peterborough, Ontario, is ready to commence its first production run and is capable of producing 1,000-1,200 kilograms of high quality cannabis flower annually.
Terms of Acquisition
MPX has acquired all the Canveda Shares for a total purchase price of CDN$18,120,000 comprised of the following consideration:
- CDN$3,120,000 in cash;
- CDN$15,000,000 satisfied through the issuance of 21,428,571 common shares in the capital of MPX (the “MPX Shares”) issued at a price of CDN$0.70 per MPX Share; and
- the issuance of 6,000,000 common share purchase warrants each exercisable into one (1) MPX Share at an exercise price of CDN$0.84 for a period of five (5) years from the date of issuance.