Avant Brands' GreenTec Holdings To Acquire 100% of 3PL Ventures

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[{"type":"text","content":"Avant Brands' GreenTec Holdings To Acquire 100% of 3PL VenturesKELOWNA, BC / ACCESSWIRE / December 19, 2022 / Avant Brands Inc. (TSX:AVNT)(OTCQX:AVTBF)(FRA:1BU0) (\"Avant\" or the \"Company\"), a leading producer of innovative, premium handcrafted cannabis products, is pleased to announce that GreenTec Holdings Ltd., a wholly-owned subsidiary of Avant, and Avant have entered into a binding Share Purchase Agreement (the \"Agreement\") with F-20 Developments Corp. (the \"Vendor\") to acquire the remaining 50% equity stake in 3PL Ventures Inc. (\"3PL\").\"We are excited to announce the full acquisition of our newest and largest facility, which has been a foundational flagship asset for the highly-sought after products that we produce for Canada and the global market,\" said Norton Singhavon, Founder and CEO of Avant. \"As 3PL recently became cash-flow positive, we anticipate that it will generate meaningful cash flows to our organization in the near future, which we expect will help accelerate Avant's future growth and expansion strategy. This acquisition combined with our recent announcement of being the winning bid at the Flowr auction, will set the stage for a transformational 2023 fiscal year for Avant. We look forward to accelerating our rapid growth as we continue working towards becoming Canada's leading producer of ultra-premium cannabis products.\"Pursuant to the terms of the Agreement, the purchase price payable is equal to $15,000,000 which will be satisfied by the following:$1,500,000 cash payable upon the closing;$9,500,000 payable by way of a convertible promissory note;$3,000,000 payable in shares in the capital of Avant (the \"Escrow Shares\");$1,000,000 payable in shares in the capital of Avant (the \"Non-Escrow Shares\");The Escrow Shares will be released to the Vendor pursuant to the escrow release schedule set out in the Agreement. Both the Escrow Shares and the Non-Escrow Shares will also be subject to a mandatory statutory hold period of four months and one day from the date of issuance.Avant currently owns 50% of the issued and outstanding shares in the capital of 3PL, a joint venture with the Vendor. On closing, Avant will own 100% of the issued and outstanding shares in the capital of 3PL. The transaction is expected to close on or around February 1, 2023.The acquisition of 3PL is subject to satisfaction or...

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