NetworkNewsBreaks – Canopy Rivers Inc. (TSX: RIV
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Posted On: 12/31/2020 4:55:19 PM
NetworkNewsBreaks – Canopy Rivers Inc. (TSX: RIV) (OTC: CNPOF) Sells Interest in Italy-Based Canapar
Canopy Rivers (TSX: RIV) (OTC: CNPOF), through its wholly owned subsidiary, Canopy Rivers Corporation, on Wednesday announced its entry into a definitive share purchase agreement. Under the agreement, effective as of Dec. 30, 2020, with RAMM Pharma Corp. (CSE: RAMM), Canopy Rivers has sold its 49% common equity interest in Canapar Corp. to RAMM for consideration of up to $9.0 million. On closing, RAMM delivered a cash payment of $7.0 million to Canopy Rivers to purchase its 29,833,333 common shares in Canapar. The transaction also includes contingent consideration of $2.0 million, to be paid upon achievement of certain operational milestones and satisfied, at RAMM’s sole discretion, in either cash or through the issuance of common shares in RAMM to Canopy Rivers. “The divestment of our equity interest in Canapar represents an important reallocation of capital as we adjust our go-forward investment strategy,” said Narbé Alexandrian, president and CEO of Canopy Rivers. “We thank Canapar for their work and partnership. As Canopy Rivers turns a new page, however, it’s important to narrow our focus and recalibrate our capital deployment and exposure to better align with our new strategic direction.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
Canopy Rivers (TSX: RIV) (OTC: CNPOF), through its wholly owned subsidiary, Canopy Rivers Corporation, on Wednesday announced its entry into a definitive share purchase agreement. Under the agreement, effective as of Dec. 30, 2020, with RAMM Pharma Corp. (CSE: RAMM), Canopy Rivers has sold its 49% common equity interest in Canapar Corp. to RAMM for consideration of up to $9.0 million. On closing, RAMM delivered a cash payment of $7.0 million to Canopy Rivers to purchase its 29,833,333 common shares in Canapar. The transaction also includes contingent consideration of $2.0 million, to be paid upon achievement of certain operational milestones and satisfied, at RAMM’s sole discretion, in either cash or through the issuance of common shares in RAMM to Canopy Rivers. “The divestment of our equity interest in Canapar represents an important reallocation of capital as we adjust our go-forward investment strategy,” said Narbé Alexandrian, president and CEO of Canopy Rivers. “We thank Canapar for their work and partnership. As Canopy Rivers turns a new page, however, it’s important to narrow our focus and recalibrate our capital deployment and exposure to better align with our new strategic direction.”
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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