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Supurva Healthcare Commits and Announces Acquisition
Published: Feb 23, 2017 5:00 a.m. ET
Orange, CA, Feb 23, 2017 (GLOBE NEWSWIRE via COMTEX) --
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.
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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 31 [st] day of March 2017
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