Graphene 3D Lab closes Graphene Laboratories Deal

Graphene 3D Lab Inc. (TSXV:GGG,OTCQB:GPHBF) announced The TSX Venture Exchange has accepted for filing a share exchange agreement dated Aug. 12, 2015, between Graphene 3D Lab all of the shareholders of Graphene Laboratories Inc.
As quoted in the press release:

In order to acquire GLI, the company will issue up to 3.8 million common shares in exchange for 110,000 common shares of GLI, representing all of the issued and outstanding shares in GLI. The common shares of the company will be issued as follows:

• 600,000 shares to shareholders of GLI who are principals of the company, Daniel Stolyarov and Elena Polyakova, which will be subject to an exchange Form 5D surplus escrow agreement at closing;
• 345,500 shares will be issued to other minority shareholders of GLI, which will be subject to resale restrictions for four months and a day from the date of closing;
• The balance of 2,854,500 shares will be issued to the principals based on the total audited cumulative cash flow generated by the operations of GLI (CCF) as a division of the company for each fiscal year after June 30, 2015, over the next five fiscal years where one earn-out share will be issued and delivered to the principals for every 60 Canadian cents in CCF, based on the audited financial statements of GLI within 140 days from the end of each fiscal year of company. The principals’ right to any earn-out shares not earned from the next five fiscal years of operation of GLI will be forfeited.

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