MPX Completes Canadian LP Acquisition – Cannabis Hemp Blog

MPX Bioceutical Corporation (CSE:MPX) announced the complete acquisition of all issued and outstanding shares of Canveda, a licensed producer of cannabis in Canada.

As quoted in the press release:

Canveda’s fully built-out 12,000 square foot facility, located in Peterborough, Ontario, is ready to commence its first production run and is capable of producing 1,000-1,200 kilograms of high quality cannabis flower annually.

Terms of Acquisition

MPX has acquired all the Canveda Shares for a total purchase price of CDN$18,120,000 comprised of the following consideration:

  1. CDN$3,120,000 in cash;
  2. CDN$15,000,000 satisfied through the issuance of 21,428,571 common shares in the capital of MPX (the “MPX Shares”) issued at a price of CDN$0.70 per MPX Share; and
  3. 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.

Click here to read the full press release.

The post MPX Completes Canadian LP Acquisition appeared first on Investing News Network.

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