Business
Sale of DTU Interest and Kansas Nitrogen Assets
Sale of DTU Interest and Kansas Nitrogen Assets.
About this update from Chill Brands Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 0032O\n Zoetic International PLC\n 27 May 2020\n \n \n \n \n Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information for the purposes of Article 7 under the Market Abuse Regulation (EU) No. 596/2014 (\"MAR\"). With the publication of this announcement, this information is now considered to be in the public domain.\n \n \n \n Zoetic International plc\n \n \n (\"Zoetic\" or the \"Company\")\n \n \n 27 May 2020\n \n \n \n Sale of DT Ultravert Interest and Kansas Nitrogen Assets\n \n \n Zoetic International plc (LSE: ZOE), the London-listed vertically integrated CBD and natural resources company, is pleased to announce that it has entered into an Asset Purchase Agreement (the \"APA\") with Path Investments plc (\"Path\"), to sell its 75% interest in the patented proprietary technology, DT Ultravert (\"DTU\"), which involves a method for hydrocarbon well stimulation and protection. In addition, Path has agreed with Zoetic to acquire Zoetic's Kansas nitrogen assets, its associated leases and equipment (together the \"Transaction\").\n \n The Transaction is the latest element in Zoetic's strategy to exit from its historic natural resources business and transition to a focused CBD and hemp business.\n \n Path has concurrently made its own announcement of the Transaction, a copy of which can be viewed at http://www.rns-pdf.londonstockexchange.com/rns/0032O_1-2020-5-26.pdf (the \"Path Announcement\"). Neither Zoetic nor any of its directors, officers or employees accepts any responsibility or liability for the Path Announcement, which is the sole responsibility of Path and which is appended for information only. The Path Announcement does not form part of, and is not incorporated into, this announcement by Zoetic.\n \n Terms of the Transaction\n \n The consideration for the Transaction will be satisfied by the issue by Path to Zoetic of 15,000,000 new ordinary shares of 0.1 pence each in Path (each a \"Path Share\"), together with warrants to subscribe for a further 15,000,000 Path Shares at any time during the period between the first and third anniversaries of completion of the Transaction at an exercise price of 1.5 pence per Path Share (the \"Warrants\").\n \n Additionally, Path has ag...