Pursuant to a share purchase agreement dated July 30, 2018 (the “Purchase Agreement”), the Company has acquired 100% of the issued and outstanding shares of Canna Farms for an aggregate purchase price of approximately $133 million, comprised of approximately $22.5 million in cash and the issuance of 92.5 million common shares in the capital of the Company at a deemed price of $1.20 per share (based on the 20-day volume-weighted average price of VIVO’s common shares on the TSX Venture Exchange on the day prior to the announcement of the Transaction). The cash consideration was paid to the shareholders of Canna Farms upon the closing of the Transaction and the share consideration will be released from escrow and issued to the shareholders of Canna Farms in six-month increments over 30 months from the closing. As a result of the Transaction, Canna Farms has become a wholly-owned subsidiary of the Company.
I don't think the Canna Farms team will be selling their shares at .60-.70 per share when they receive shares originally valued at $1.20 every six months for the next 2.5 years. They never would have taken this deal with 92.5 million in stock and 22.5 million in cash. I think they are buying VVCIF with the 22.5 million in cash they received.
Next share issuance will be around August 1, 2019 at which time 3 more transactions over a an 18 month period will complete the deal.
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