No wonder we're on a roll, we just got 4.18 million shares of Hill Street worth a whole CDN$125,400. Wow! Whoopee!
Mr. Craig Binkley reports
HILL STREET ISSUES FINAL TRANCHE OF PAYMENT SHARES TO LEXARIA FOR DEHYDRATECH(TM) PATENT RIGHTS ACQUISITION
Hill Street Beverage Company Inc. has issued 4,188,948 common shares to Lexaria CanPharm ULC, a cannabis-related division of Lexaria Bioscience Corp., as the third and final tranche of shares to be issued in satisfaction of a deferred payment obligation for the previously announced acquisition by Hill Street of the exclusive global rights to use Lexaria's groundbreaking DehyraTech patent portfolio to produce non-pharmaceutical products containing 0.3 per cent or greater THC (tetrahydrocannabinol) and other psychoactive cannabinoids.
"The acquisition of the rights to DehyraTech has transformed our business financially, operationally and geographically, as evidenced by the company's strong growth and financial performance detailed in the update we shared last week," stated Hill Street chief executive officer Craig Binkley. "The key metrics of the business have improved substantially since this acquisition was completed 16 months ago, and we are expanding geographically on the early success of DehyraTech licensing with multiple licensees."
In accordance with the terms of the acquisition, the consideration shares were issued at a deemed price of 8.5 cents per share, being the closing price of Hill Street's common shares on the TSX Venture Exchange on Nov. 18, 2020, the date that the acquisition agreement was executed.
The consideration shares will be subject to a statutory hold period expiring on the date that is four months and one day from the issuance date.
About Hill Street Beverage Company Inc.
Hill Street Beverage Company is a progressive non-alcoholic beverage and cannabis solutions company. It is pioneering the space where craft consumer products meet bioscience by combining its deep CPG (consumer packaged good) expertise and its rights to use Lexaria Bioscience's groundbreaking DehyraTech patent portfolio for product development, licensing and B2B (business-to-business) sales of cannabis ingredients.
Hill Street Beverages brands include Vin(Zero) alcohol-free wines, and Hill Avenue Cannabis Brands include (V)ia Regal Pink and White Grape Sparklers.
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