Golden Leaf Announces Signing of Definitive Agreement for Strategic Acquisition in Canada
TORONTO, ON --(June 27, 2017) - Golden Leaf Holdings Ltd. ("GLH" or the "Company") (CSE: GLH)(CSE: GLH.CN)(CNSX: GLH)(OTCQB: GLDFF), a leading cannabis oil solutions company built around recognized brands, is pleased to announce that it has entered into a definitive agreement in connection with its previously announced acquisition (the "Acquisition") of all of the issued and outstanding shares of Medical Marihuana Group Corporation ("MMGC") and Medical Marihuana Group Consulting Ltd. ("MMCC"). MMGC has filed an application with Health Canada for a cultivation license. MMGC does not currently have any substantial operations and it will not be able to engage in the production of marijuana until it receives the cultivation license.
In connection with the Acquisition, (i) GLH will acquired all of the outstanding shares of MMGC for consideration of C$10,000,000, which will be satisfied through the issuance of 35,714,286 common shares of the Company ("Common Shares") at a price of C$0.28 per share; and (ii) GLH will indirectly acquire all of the outstanding shares of MMCC for consideration of up to C$5,000,000 (the "Contingent Consideration"), which amount will be payable in the event that certain gross sales targets are met within 18 months of marketing efforts commencing in Canada of GLH branded products (the "Earn-in Period"). The Contingent Consideration is payable in Common Shares at a price of C$0.28 per share.
Read more: Golden Leaf Holdings Ltd ( GLH )
Published: 27 June 2017
Written by Editor