Blackstone Ventures and Lattice Biologics Propose Merger

Lattice Biologics has announced that it has entered into a letter of intent with Blackstone Ventures, with Blackstone acquiring all issued and outstanding securities of Lattice. This is would be a reverse takeover, with the Lattice taking over Blackstone and the combined company being listed on the TSX Venture Exchange.
According to the news release:

On closing of the Transaction, the stockholders of Lattice will receive 35,764,184 shares of Blackstone in exchange for all of the issued common stock of Lattice. As a result, former stockholders of Lattice will own approximately between 77% and 82% of Blackstone. These shares of Blackstone will be comprised of both shares and/or unlisted convertible, restricted voting shares.
Under the terms of the LOI and prior to closing of the Transaction, Blackstone will have completed two share consolidations (effectively being a combined 60:1 consolidation of Blackstone) and settled outstanding debt through the issuance of common shares.
Additionally, Lattice has convertible notes having an aggregate principal amount of USD $1,050,000 and is in the process of granting rights to acquire an aggregate of 1,500,000 common shares of Blackstone over a period of three years in consideration of services to be rendered up to and including members of Lattice’s Scientific Advisory Board.

Click here to read the entire news release.