Business
Green Growth Brands Announces Updated Terms Related To Its Acquisition Of Florida-Based Spring Oaks
Green Growth Brands Announces Updated Terms Related To Its Acquisition Of Florida-Based Spring Oaks.
About this update from Green Growth Brands Inc
[{"type":"text","content":"\n\n\n\nGreen Growth Brands Announces Updated Terms Related To Its Acquisition Of Florida-Based Spring Oaks\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\n\n\n\n\n\nGreen Growth Brands Announces Updated Terms Related To Its Acquisition Of Florida-Based Spring Oaks\nCanada NewsWire\nCOLUMBUS, OH, July 29, 2019\n\n\n\nCOLUMBUS, OH, July 29, 2019 /CNW/ - Green Growth Brands, Inc. (CSE: GGB) (OTCQB: GGBXF) (\"GGB\" or \"the Company\") today announced that it has executed an amendment (the \"Amendment\") to the Share Purchase Agreement  (the \"Agreement\"), dated June 3, 2019, with Spring Oaks Greenhouses, Inc. (\"Spring Oaks\"), pursuant to which GGB is to acquire all of the issued and outstanding shares of capital stock of Spring Oaks. \n\n \n \n\n \nPursuant to the Amendment, the purchase price for the shares of capital stock of Spring Oaks of US$54,650,000 (C$72,039,630), subject to certain post-closing purchase price adjustments, shall be satisfied by GGB at closing through a combination of: (i) a previously paid deposit of US$1,350,000 (C$1,779,570); (ii) a cash payment at closing of US$2,000,000 (C$2,636,400), subject to certain adjustments identified in the Agreement; (iii) a cash payment of US$3,000,000 (C$3,954,600) due on August 31, 2019; (iv) the issuance of 7,133,297 common shares of GGB (the \"Consideration Shares\") to the owners of Spring Oaks representing an aggregate amount of US$17,100,000 (C$22,541,220) at a price of US$2.39 (C$3.16) per Consideration Shares; (v) the issuance of 8,094,210 common shares of GGB (the \"Additional Consideration Shares\") to the owners of Spring Oaks representing an aggregate amount of US$14,000,000 (C$18,454,800), at a price of US$1.72 (C$2.28) per Additional Consideration Shares; (vi) the issuance of a two-year convertible secured promissory note in the aggregate principal amount of US$11,400,000 (C$15,027480) (the \"Two-Year Note\"); and (vii) the issuance of a one-year convertible secured promissory note in the aggregate principal amount of US$5,800,000 (C$7,645,560) (the \"One-Year Note\"). \nThe Two-Year Note s...