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Posted On: 05/01/2018 5:55:52 PM
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NetworkNewsBreaks – Choom Holdings Inc. (CSE: CHOO) (OTCQB: CHOOF) to Close Acquisition of Island Green Cure
British Columbia-based cannabis cultivation firm Choom Holdings Inc. (CSE: CHOO) (OTCQB: CHOOF) recently announced that on May 2, 2018, the company intends to close the acquisition of Island Green Cure Ltd. (“IGC”), an advanced-stage cannabis production license applicant under Health Canada’s Access to Cannabis for Medical Purposes Regulations (“ACMPR”). In accordance with the closing, Choom will issue 8,000,000 common shares to the shareholders of IGC and issue 500,000 common shares to a finder. A consultant or related parities of the consultant will receive 536,000 common shares, as a shareholder of IGC, and 500,000 common shares as a finder, which will constitute a related party transaction within the meaning of Multilateral Instrument 61-101 (“MI 61-101”). However, the market value of the shares won’t exceed 25% of the company’s market capitalization and will therefore be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101. A material change report regarding the transaction will be filed less than 21 days before closing as Choom intends to complete this transaction next week.
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
British Columbia-based cannabis cultivation firm Choom Holdings Inc. (CSE: CHOO) (OTCQB: CHOOF) recently announced that on May 2, 2018, the company intends to close the acquisition of Island Green Cure Ltd. (“IGC”), an advanced-stage cannabis production license applicant under Health Canada’s Access to Cannabis for Medical Purposes Regulations (“ACMPR”). In accordance with the closing, Choom will issue 8,000,000 common shares to the shareholders of IGC and issue 500,000 common shares to a finder. A consultant or related parities of the consultant will receive 536,000 common shares, as a shareholder of IGC, and 500,000 common shares as a finder, which will constitute a related party transaction within the meaning of Multilateral Instrument 61-101 (“MI 61-101”). However, the market value of the shares won’t exceed 25% of the company’s market capitalization and will therefore be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101. A material change report regarding the transaction will be filed less than 21 days before closing as Choom intends to complete this transaction next week.
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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