Sproutly Canada Inc. Announces Completion of Reverse Takeover Transaction and Conditional Approval to Commence Trading on July 9, 2018
Sproutly Canada, Inc. (formerly Stone Ridge Exploration Corp.) (“Sproutly Canada" or the “Company”) is pleased to announce that it has closed the previously announced proposed plan of arrangement under the Canada Business Corporations Act (the “Arrangement”) pursuant to which, among other things, Sproutly, Inc. ("Sproutly") completed a reverse takeover of Stone Ridge Exploration Corp. (“Stone Ridge”).
Immediately prior to the completion of the Arrangement, Stone Ridge completed a consolidation of its issued and outstanding common shares on the basis of one post-consolidation share for every two pre-consolidation shares. Pursuant to the Arrangement, among other things, shareholders of Sproutly received approximately two (2) post-Consolidation common shares of Stone Ridge in exchange for each common share of Sproutly held by such shareholder immediately prior to the effective time of the Arrangement. As a result of the Arrangement, former shareholders of Sproutly hold approximately 84% of the issued and outstanding common shares of the Company (the “Sproutly Shares”) immediately after completion of the Arrangement. The Company will continue the business of Sproutly.
Infusion Biosciences Inc. is a biotech company focused on discovering and commercializing innovative, science-based cannabis technologies.
- With Infusion’s breakthrough scientific discovery and technologies, the Company is positioned to be a leader in:
- Cannabis beverage/drink industry for recreational and medicinal markets
- Pharmaceutical drug development focused on water soluble cannabinoids
We have created and produced two new disruptive and foundational finished cannabis ingredients derived from our patent-pending, Aqueous Phytorecovery Process (“APP”):
First truly water-soluble cannabis solution to be formulated into beverages/drinks (“Infuz2O”)
Cannabinoid oils infused into natural edibles or transdermal delivery while retaining strain specific characteristics (“BNO”)