Business
KDA Group Announces the Signing of an Agreement for the Sale of its Subsidiary Agence L.I.V. Inc.
(TheNewswire) Thetford Mines, Q C - TheNewswire - May 29, 2023 - ...
About this update from Kda Group Inc.
[{"type":"text","content":"KDA Group Announces the Signing of an Agreement for the Sale of its Subsidiary Agence L.I.V. Inc.\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Thetford Mines, Q\n \n \n C\n \n \n -\n \n \n TheNewswire -\n \n \n May 29, 2023\n \n \n \n \n -\n \n \n KDA Group Inc.\n \n \n (TSXV:KDA)\n \n \n (“\n \n \n KDA\n \n \n ” or the\n“\n \n \n Corporation\n \n \n ”) is pleased to announce that on May 26, 2023, after\nmarket hours, the Corporation has entered into a share purchase\nagreement (the “\n \n \n Share\nPurchase Agreement\n \n \n ”) with 9486-4410 Quebec\nInc. (the “\n \n \n Purchaser\n \n \n ”), a subsidiary of U.S.-based\nClinical Education Alliance, LLC, pursuant to which the Purchaser has\nagreed to acquire, subject to the fulfilment of certain conditions,\nall the shares of Agence L.I.V.\n \n \n Inc.\n \n \n (“\n \n \n LIV\n \n \n ”), a wholly-owned subsidiary of KDA, for an aggregate\npurchase price of thirteen million five hundred thousand dollars\n($13,500,000) (the “\n \n \n Sale\nPrice\n \n \n ”).\n \n \n \n \n LIV operates a business of developing and supporting\nmedical education initiatives, creating medical education content and\nsupporting logistical organization of scientific meetings and\nexchanges related to the environment of medical education.\n \n \n \n \n The Sale Price is payable by the payment of twelve\nmillion two hundred eighty-seven thousand five hundred dollars\n($12,287,500) at the closing of the transaction, and an escrow amount\nof one million two hundred twelve thousand five hundred dollars\n($1,212,500) for a period of twelve (12) months to secure the\nadjustments to the Sale Price and the indemnification undertakings set\nforth in the Share Purchase Agreement.\n \n \n \n \n The proposed transaction is expected to close on or\nabout June 30, 2023 and is subject to the satisfaction of certain\nconditions including the approval of the TSX Venture Exchange\n(“\n \n \n TSXV\n \n \n ”), the consent of KDA’s creditors, Persistence Capital\nPartners II, L.P. and Private Debt Partners Senior Opportunities Fund\nLP, and the consent of KDA’s shareholders.\n \n \n \n \n The consent of KDA’s shareholders will be sought at\nthe annual general and special meeting of the...