Business
Cannara Proposes Agreement to Acquire Global shopCBD.com
Cannara Proposes Agreement to Acquire Global shopCBD.com Canada NewsWire VANCOUV...
About this update from Cannara Biotech, Inc.
[{"type":"text","content":"\n\n\n\nCannara Proposes Agreement to Acquire Global shopCBD.com\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.prnml40{\nMARGIN-LEFT:3.33em\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, May 27, 2020\n\n\n\nVANCOUVER, May 27, 2020 /CNW Telbec/ - Cannara Biotech Inc. (\"Cannara\" or the \"Company\") (CSE: LOVE) (OTCQB: LOVFF) (FRA: 8CB), an emerging vertically integrated cannabis company focused on indoor cultivation, processing and sale of premium dried cannabis and cannabis derivative products, is pleased to announce that it has entered into a proposed share exchange agreement dated May 26, 2020 among the Company, Global shopCBD.com Inc. (\"Global\") and the shareholders of Global (the \"Exchange Agreement\"), pursuant to which, the Company will acquire all of the issued and outstanding shares of Global (the \"Proposed Transaction\") that it currently does not own. The Company currently owns 61.23% of the outstanding common shares of Global.\n\n \n \n \n \n \n \n\n \nGlobal, through its wholly-owned subsidiary, operates an online e-commerce platform focused on tapping into the U.S. Hemp CBD market offering curated selections of top tier products in a fast, secure and reliable transaction.\nThe Proposed Transaction\nPursuant to the terms of the Exchange Agreement, Cannara will acquire all of the issued and outstanding shares of Global which are not owned by the Company in consideration for the issuance of 23,262,581 common shares of the Company (the \"Payment Shares\") pro rata to the shareholders of Global at a deemed price of $0.10 per Payment Share upon closing of the Proposed Transaction.\nThe Proposed Transaction remains subject to certain closing conditions including, without limitation, (a) the receipt by Cannara of shareholder and regulatory approval; and (b) each party's representations and warranties in the Exchange Agreement being true and correct in all aspects as of the Closing Date, and each party meeting its terms and conditions and fulfilling its covenants and obligations as contained therein. There can be no guarantees that the Proposed Transaction will be co...