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Aegis Brands Inc. Closes Sale of Hemisphere to Kiaro, Holds 25 Per Cent of Kiaro's Common Shares
Aegis Brands Inc. Closes Sale of Hemisphere to Kiaro, Holds 25 Per Cent of Kiaro's Common...
About this update from Aegis Brands Inc
[{"type":"text","content":"\n \n \n \n Aegis Brands Inc. Closes Sale of Hemisphere to Kiaro, Holds 25 Per Cent of Kiaro's Common Shares\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n TORONTO\n \n ,\n \n Sept. 27, 2021\n \n /CNW/ - Aegis Brands Inc. (TSX: AEG) (\"Aegis\") is pleased to announce the completed transaction (the \"Transaction\") with Kiaro Holdings Corp. (TSXV: KO) (\"Kiaro''), a national cannabis retailer and wholesale distributor, acquiring all the issued and outstanding shares of Aegis' subsidiary, 2734524 Ontario Inc. (dba Hemisphere Cannabis Co. or \"Hemisphere\"), which comprises a portfolio of seven retail locations in\n \n Ontario\n \n and two more locations subject to potential future development.\n \n \n In consideration for 100% of Hemisphere's common shares, Kiaro issued to Aegis 61,300,000 common shares of Kiaro (the \"Kiaro Shares\"), having an aggregate value of\n \n $6.13 million\n \n based on the closing price of the Kiaro Shares on\n \n September 24, 2021\n \n , and 6,700,000 common share purchase warrants, with each warrant exercisable for one additional Kiaro Share at an exercise price of\n \n $0.16\n \n , subject to customary adjustments. Aegis is also entitled to receive a further 6,700,000 Kiaro Shares on achievement of certain commercial milestones concerning the existing seven locations within the first year following the closing of the transaction.\n \n \n \n AEGIS HOLDS 25 PER CENT OF KIARO'S COMMON SHARES\n \n \n \n The 61,300,000 Kiaro Shares issued to Aegis at closing represent approximately 25% of the Kiaro Shares, and Aegis is now Kiaro's largest shareholder. Prior to the closing of the sale transaction, Aegis held no Kiaro Shares. Further, Aegis' CEO\n \n Steven Pelton\n \n has joined the Kiaro board of directors.\n \n \n A copy of the early warning report with additional information in respect of the foregoing will be available on SEDAR at\n \n www.sedar.com\n \n and from\n \n Melinda Lee\n \n at\n \n [email protected]\n \n .\n \n \n \n THE FUTURE OF AEGIS\n \n \n \n With the completed Hemisphere tra...