![](https://investorshub.advfn.com/uicon/35140.png?cb=1569367903)
Thursday, February 23, 2017 8:34:26 AM
Orange, CA, Feb. 23, 2017 (GLOBE NEWSWIRE) -- Supurva Healthcare Group, Inc. (OTC PINK: SPRV), Giorgio Johnson, Interim CEO and President of Supurva Healthcare Group, Inc. is pleased to announce that the Company has agreed to acquire a net revenue interest (the Transaction”), in a Medical Cannabis dispensary with a private Canadian company located in British Columbia. The dispensary has an estimated capital cost of $200,000.00 and is projected to be operational within 60 days of the Closing of the Transaction.
“We are pleased to have been offered this investment opportunity which will provide significant and near term revenue to the Company. We are seeing a steady stream of projects in this rapidly expanding market and will continue to add skilled personnel in the required areas as we continue to acquire and develop opportunities.
SUMMARY OF INDICATIVE TERMS AND CONDITIONS
As currently contemplated, the Transaction is expected to have the terms and conditions summarized below. The terms and conditions are summary in nature and are subject to supplement or amendment prior to the closing of the Transaction upon mutual agreement and will be documented in mutually acceptable transaction documents on the closing date (the “Transaction Documents”).
Investment: Structure: Senior Secured Debenture. Supurva will be issued a debenture secured by a senior charge over the current and post-Closing assets of the Dispensary.
Principle: Two Hundred Thousand Dollars ($200,000) US Dollars.
Term: The principle amount of the debenture, calculated after the payment of the coupon, shall be 24 months from the Closing Date.
Coupon Rate: Twelve Percent (12%) per annum.
Before Payout Net Revenue Interest: Before the principle amount of the Debenture is repaid Supurva shall own an 80% net revenue interest in the Dispensary.
After Payout Net Revenue Interest: After the principle amount of the Debenture is repaid Supurva shall own a 49% net revenue interest in the Dispensary.
Closing Date: Closing of the Transaction is expected to occur on the 31st day of March 2017.
Conditions precedent to Closing: Closing is conditioned upon satisfaction of certain conditions to be set forth in the Transaction Documents. The Conditions to closing will be customary for a transaction of this nature, including Supurva obtaining credit and other internal approvals.
Documentation: The Transaction will be evidenced by the Senior Debenture Agreement. Additional Transaction Documents mutually satisfactory to the parties may be required. Any credit documentation shall contain representations, warranties, affirmative and negative covenants and events of default customary for Transactions of this type and other terms deemed appropriate by Supurva.
FEATURED Cannabix Technologies and Omega Laboratories Inc. Provide Positive Developments on Marijuana Breathalyzer Testing • Jul 11, 2024 8:21 AM
FEATURED ECGI Holdings Enhances Board with Artificial Intelligence (AI) Expert Ahead of Allon Apparel Launch • Jul 10, 2024 8:30 AM
Avant Technologies to Meet Unmet Needs in AI Industry While Addressing Sustainability Concerns • AVAI • Jul 10, 2024 8:00 AM
Panther Minerals Inc. Launches Investor Connect AI Chatbot for Enhanced Investor Engagement and Lead Generation • PURR • Jul 9, 2024 9:00 AM
Glidelogic Corp. Becomes TikTok Shop Partner, Opening a New Chapter in E-commerce Services • GDLG • Jul 5, 2024 7:09 AM
Freedom Holdings Corporate Update; Announces Management Has Signed Letter of Intent • FHLD • Jul 3, 2024 9:00 AM