Veritas Set to Acquire 50 Percent of 3 Carbon Extractions

Veritas Pharma (CSE:VRT; OTC:VRTHF) announced a share purchase agreement to acquire 50 percent of the issued and outstanding shares of 3 Carbon Extractions.

As quoted in the press release:

The remaining Fifty Percent (50 percent) equity interest can be acquired by Veritas based upon a value to be decided by a qualified independent business valuator. The valuator will be jointly engaged by Veritas and 3 Carbon to prepare a valuation report to determine, as at the third anniversary of the date of the initial share exchange, the total value of 3 Carbon. The purchase price for which shall be paid in cash or in fully paid and non-assessable common shares of Veritas, or in a combination thereof, as may be determined by the Company in its discretion.

As consideration for the 3 Carbon Shares, the shareholders of 3 Carbon (the “3 Carbon Shareholders”) are entitled to receive aggregate consideration of $300,000 US and 1,500,000 common shares in the capital of the Company (“Common Shares”). The cash consideration will be used to build a scalable extraction facility at a location to be determined by the board of Veritas. 3 Carbon shall grant Veritas the exclusive license to use and commercially exploit the intellectual property arising from any research conducted by 3 Carbon utilizing Veritas’s funds from the initial $300,000 US investment and associated share issuance.

Click here to read the full press release.

Source: globenewswire.com