Monday, June 12, 2017 11:24:18 PM
Aurora has agreed to loan Hempco $750,000 at an 8% interest rate. The loan is repayable upon the earliest of: June 8, 2019, a demand by Aurora for repayment, such demand which can only be made on or after December 21, 2017, or the completion of all or any portion of Hempco's non brokered private placement of units, as announced by Hempco on June 7, 2017;
Upon satisfactory completion of due diligence by Aurora as well as the satisfaction of a number of other conditions, Aurora as the sole investor, proposes to participate in a private placement with Hempco to acquire a total of 10,558,676 units, priced at $0.3075 per unit, for total gross proceeds of $3.2 million. Each unit shall consist of one share and one full warrant. Each warrant gives Aurora the right to purchase, for a period of two years following the closing date, one common share of Hempco for a price of $0.41; and
Additionally, in order to satisfy one of Aurora's conditions to participate in Hempco's private placement, Aurora proposes to negotiate to obtain a call option from the two majority owners of Hempco to purchase up to 10,754,942 shares of Hempco from the majority owners as follows:
a.
5,377,471 shares at a price of $0.30 per share; and
b.
5,377,471 shares, priced at the volume weighted average price for the five trading days preceding the date of acquisition of the second tranche, subject to a minimum price of $0.45 per share and a maximum of $0.65 per share.
Following completion of all three stages, if completed, Aurora will own 50.1% of Hempco. The option to acquire the securities would, if exercised, be made through available exemptions under National Instrument 62 – 104 (Takeover Bids and Issuer Bids).
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