The Conversation (0)
Miraculins Inc. (TSXV:MOM) has executed an amendment with VeraLight, Inc. to the asset purchase agreement dated June 28, 2013. The Amendment eliminates the majority of the Company’s remaining obligations and terminates the obligation to issue equity to VeraLight under the APA.
As quoted in the press release:
In connection with the Amendment, the Company has made a one-time payment of CDN $500,000 to VeraLight. In addition to the one-time payment, the Company has issued 1,000,000 new common share purchase warrants (the “Warrants”) to VeraLight at an exercise price of CDN$0.25 per share with a term expiring on the fifth anniversary after issuance. Of these, 450,000 of the Warrants will vest immediately and the remaining 550,000 Warrants will vest upon the earlier of (i) 12 months from the date of issuance, or (ii) a Liquidity Event (as defined below). No common shares or warrants have previously been issued to VeraLight, and on the closing of the Agreement, VeraLight will have no right to receive common shares of the Company other than the Warrants described above.
Click here to read the Miraculins Inc. (TSXV:MOM) press release