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LGC announces binding agreement with a vertically integrated Swiss cannabis company from seed to an existing broad range of product and sales streams
LGC announces binding agreement with a vertically integrated Swiss cannabis company from s...
About this update from Elixxer Ltd.
[{"type":"text","content":"\n\n\n\nLGC announces binding agreement with a vertically integrated Swiss cannabis company from seed to an existing broad range of product and sales streams\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\nMONTREAL, Aug. 1, 2018\n\n\n\n/NOT FOR DISTRIBUTION IN THE UNITED STATES/\n\nSymbol: TSX-V: LG\n\n\n\nMONTREAL, Aug. 1, 2018 /CNW Telbec/ - LGC Capital Ltd. (TSXV: LG) (\"LGC\") LGC is pleased to announce it has entered into a binding agreement to acquire 30% of the capital of Viridi Unit SA (\"VIRIDI\") of Switzerland. VIRIDI is a vertically integrated legal cannabis supplier to the Swiss and European markets, growing its own seeds and flowers, producing and developing a wide range of cosmetics, cigarettes and natural wellness Swiss authorized products amongst many of its diversified products and activities. For more information please visit www.viridi-unit.com\n\n\n \n \n\n \nUnder the terms of the agreement, LGC acquire its 30% interest through the issuance to Viridi of that number of common shares of LGC for a value corresponding to CHF 3 million ($3,940,498.91 CAD).  The exact number of shares to be issued will be based on the 5 day WVAP of LGC common shares immediately prior to the closing date. It is estimated that the shares to be issued will represent less than 10% of the number of currently outstanding LGC shares. LGC will also receive a 5% lifetime royalty on VIRIDI's net sales.  For this transaction, a finder's fee of around 3% cash and 3% in shares will be paid to an arm's length party. This transaction will be subject to review and approval by TSXV.\n\nCannabis was legalized in Switzerland for both medicinal and recreational use, in 2011.  The date of this agreement was signed July 1st, 2018, and since then, LGC has been carrying out a due diligence process to satisfy the Company and its regulators.\n\nCurrently, Viridi has 20,000 specialty plants growing that are expected to yield 3,000 kg of dried flowers from this current crop. In addition, this current 2018 crop is expec...