MPX Signs a Letter of Intent to Acquire Canadian Licenced Producer Canveda
TORONTO, April 17, 2018 (GLOBE NEWSWIRE) — MPX Bioceutical Corporation (“MPX” or the “Company”) (CSE:MPX) (OTC:MPXEF) is pleased to announce that it has signed a letter of intent (the “LOI”) to acquire 100% of the issued and outstanding shares (the “Canveda Shares”) of Canveda Inc. (“Canveda”), a Licensed Producer under Health Canada’s Access to Cannabis for Medical Purposes Regulations (“ACMPR”). Canveda is a private company operating in Peterborough, Ontario from a fully built-out facility that is ready to commence its first production run and is capable of producing approximately 1,000-1,200 kilograms of high quality cannabis flower annually.
MPX will acquire the Canveda Shares for a total purchase price of CDN$18 million which is comprised of the following consideration:
CDN$3,000,000 in cash;
CDN$15,000,000 satisfied through the issuance of 21,539,261 common shares in the capital of MPX (the “MPX Shares”) issued at a price of CDN$0.70 per MPX Share, representing the 10-day Volume Weighted Average Price (VWAP) calculated as of the date of the LOI; and
the issuance of 6,000,000 common share purchase warrants each exercisable into one (1) MPX Share at an exercise price of CDN$0.84 for a period of five (5) years from the date of issuance.
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