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Westleaf Announces Closing of Two Previously Announced Acquisitions
Westleaf Announces Closing of Two Previously Announced Acquisitions Canada NewsWir...
About this update from Decibel Cannabis Company Inc
[{"type":"text","content":"\n\n\n\nWestleaf Announces Closing of Two Previously Announced Acquisitions\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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, Feb. 1, 2019\n\n\n\nThe strategic acquisitions of the Cannabis Retailer Canndara and 50% of the Delta West extraction facility position Westleaf for future growth\n CALGARY, Feb. 1, 2019 /CNW/ - Westleaf Inc. (TSX-V: WL) (\"Westleaf\"), is pleased to announce the closing of two recently announced acquisitions, which support its strategy of acquiring premium assets across the cannabis value chain. The transactions were previously announced on January 24, 2019 and January 28, 2019, respectively.\nClosing of Option – Canndara Canada Inc. (\"Canndara\") Westleaf has closed the acquisition of all the issued and outstanding shares of Canndara, for an aggregate purchase price of $48.4 million. The purchase price was paid by the issuance of an aggregate of 21,641,407 common shares in the capital of Westleaf (\"Common Shares\") at a deemed value of $2.24 per Common Share. The transaction includes maintaining Canndara's founders as part of the senior management team, each having entered into a voluntary 24-month pooling agreement, whereby an aggregate of 7,727,236 Common Shares are held in escrow and are releasable in quarterly installments on July 31, 2019, January 31, 2020, July 31, 2020 and January 31, 2021. In addition, an aggregate of 21,570,120 Common Shares, issued to former Canndara Shareholders, and the 1,080,720 Common Shares, issued in payment of a finder's fee, are not transferrable until May 31, 2019. Closing of Definitive Agreement – Delta 9 Cannabis Inc. (\"Delta 9\") Westleaf has also closed its previously announced acquisition of Delta 9's 50% interest in the Delta West extraction facility, bringing Westleaf's total ownership to 100% (the \"Delta 9 Closing\"). The purchase price was paid by way of the payment of $1.00 and the issuance of an aggregate of 5,600,000 Common Shares to Delta 9 that, based on the closing price of the Common Shares on the TSX Venture Exchange ...