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Naturally Splendid Enterprises (TSXV:NS,FWB:50N,OTCQB:NSPDF) announced that Full Spectrum Laboratories Limited, Boreal Technologies, Inc., Naturally Splendid USA Ltd., a wholly owned subsidiary of Naturally Splendid, and Naturally Splendid extended the outside date for closing of the Novation Agreement to February 28, 2015.
The Novation Agreement states that Naturally Splendid USA has agreed to pay Boreal $725,000, Naturally Splendid has agreed to issue to Full Spectrum Partners, LLLP such number of common shares of Naturally Splendid equal to $1,025,000 divided by the greater of $0.35, or a 20% premium above the closing price on closing of the transaction. The Agreement has been extended twice since its announcement on November 20, 2014.
As quoted in the press release:
The Novation Agreement is subject to a number of conditions including acceptance of the above transaction by the TSX Venture Exchange and Naturally Splendid completing its previously announced financing (see news releases dated November 27, 2014 and December 5, 2014). In the event that the transaction does not close by February 28, 2015, the Novation Agreement will be terminated and be of no further force or effect.
As set out in Naturally Splendid’s news release dated February 11, 2015, the TSXV has provided conditional acceptance of the transaction subject to receipt of satisfactory final documentation, closing of the previously announced private placement financing and satisfying certain conditions of the TSXV. Naturally Splendid is working diligently on providing the TSXV with final documentation and satisfying the conditions of the approval.
Click here to read the Naturally Splendid Enterprises (TSXV:NS,FWB:50N,OTCQB:NSPDF) press release
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