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Golden Leaf Announces Signing of Definitive Agreement for Strategic Acquisition in Canada
Golden Leaf Announces Signing of Definitive Agreement for Strategic Acquisition in Canada.
About this update from Chalice Brands Ltd.
[{"type":"text","content":"\nGolden Leaf Announces Signing of Definitive Agreement for Strategic Acquisition in Canada\n\nGolden Leaf Announces Signing of Definitive Agreement for Strategic Acquisition in Canada\n\n TORONTO, ON --(Marketwired - 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. AC Group Financial Inc. is acting as an advisor to the Company in connection with the Acquisition and the three other previously announced acquisitions being undertaken by the Company. Further to GLH's previously announced strategic acquisition program, the Acquisition is expected to drive financial and shareholder value. The Acquisition represents a strategic acquisition for GLH and is expected to provide benefits to the Company, including:Access for the GLH brand platform into the rapidly expanding Canadian and international marketplaces;An international footprint across North America with access to the global marketplace through Canada;Opportunity for GLH to participate in the Canadian marketplace, whi...