$LXRP --- NEWS Current report pursuant to Secti
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Posted On: 12/11/2020 11:12:42 AM
$LXRP --- NEWS
Current report pursuant to Section 13 or 15(d) --- Form 8-K filed.
Item 2.01
Completion of Acquisition or Disposition of Assets
On November 18, 2020, as reported via a Form 8-K under Item 1.01 – Entry into a Material Agreement on November 19, 2020, Lexaria Bioscience Corp. (“Lexaria”) via its subsidiary Lexaria CanPharm ULC (“CanPharm”), entered into an asset purchase agreement (the “APA”) for the sale of CanPharm’s rights as licensee and licensor to the use and sublicense of Lexaria’s DehydraTECH Technology (the “Asset Sale”) in association with products containing 0.3% or greater tetrahydrocannabinol (“THC”) with Hill Street Beverage Company Inc. (“Hill Street”), a non-related third party corporation incorporated under the laws of Ontario, Canada.
The closing of the Asset Sale was effected on December 9, 2020 whereby CanPharm assigned to Hill Street its rights, as licensee, to the license issued by Lexaria for the use of the DehydraTECH Technology in connection with products containing 0.3% or more THC and its rights, as licensor, to the third party licenses whereby CanPharm had sublicensed the use of DehydraTECH. In addition to the assignment of these rights, CanPharm has also agreed to provide Hill Street with technical and marketing support services.
As consideration for the Asset Sale, Hill Street has issued CanPharm the following: (i) CDN$350,000; (ii) 6,031,363 common shares in its authorized share capital issued at a price of CDN$0.0829 per share and bearing a four month + 1 day hold legend; (iii) a promissory note in the principal amount of CDN$2,000,000 and bearing interest at a rate of 10% per annum; (iv) a limited license to use DehydraTECH outside of Canada and the US with certain products containing 0.3% or greater THC; and (v) the future issuance of common shares over a 16 month period and equal in value to CDN$1,000,000.
View source version on accesswire.com:
https://www.accesswire.com/620348/Lexaria-Clo...ted-Assets
Current report pursuant to Section 13 or 15(d) --- Form 8-K filed.
Item 2.01
Completion of Acquisition or Disposition of Assets
On November 18, 2020, as reported via a Form 8-K under Item 1.01 – Entry into a Material Agreement on November 19, 2020, Lexaria Bioscience Corp. (“Lexaria”) via its subsidiary Lexaria CanPharm ULC (“CanPharm”), entered into an asset purchase agreement (the “APA”) for the sale of CanPharm’s rights as licensee and licensor to the use and sublicense of Lexaria’s DehydraTECH Technology (the “Asset Sale”) in association with products containing 0.3% or greater tetrahydrocannabinol (“THC”) with Hill Street Beverage Company Inc. (“Hill Street”), a non-related third party corporation incorporated under the laws of Ontario, Canada.
The closing of the Asset Sale was effected on December 9, 2020 whereby CanPharm assigned to Hill Street its rights, as licensee, to the license issued by Lexaria for the use of the DehydraTECH Technology in connection with products containing 0.3% or more THC and its rights, as licensor, to the third party licenses whereby CanPharm had sublicensed the use of DehydraTECH. In addition to the assignment of these rights, CanPharm has also agreed to provide Hill Street with technical and marketing support services.
As consideration for the Asset Sale, Hill Street has issued CanPharm the following: (i) CDN$350,000; (ii) 6,031,363 common shares in its authorized share capital issued at a price of CDN$0.0829 per share and bearing a four month + 1 day hold legend; (iii) a promissory note in the principal amount of CDN$2,000,000 and bearing interest at a rate of 10% per annum; (iv) a limited license to use DehydraTECH outside of Canada and the US with certain products containing 0.3% or greater THC; and (v) the future issuance of common shares over a 16 month period and equal in value to CDN$1,000,000.
View source version on accesswire.com:
https://www.accesswire.com/620348/Lexaria-Clo...ted-Assets
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