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Namaste announces signing of 15% equity acquisition of same-day cannabis delivery platform, Pineapple Express Delivery Inc.
Namaste announces signing of 15% equity acquisition of same-day cannabis delivery platform...
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[{"type":"text","content":"\n\n\n\nNamaste announces signing of 15% equity acquisition of same-day cannabis delivery platform, Pineapple Express Delivery Inc.\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\n\nCanada NewsWire\nVANCOUVER, June 13, 2018\n\n\n\nVANCOUVER, June 13, 2018 /CNW/ - Namaste Technologies Inc. (\"Namaste\" or the \"Company\") (TSXV: N) (FRA: M5BQ)(OTCMKTS: NXTTF) is pleased to announce that further to its April 25th, 2018 announcement of a Letter of Intent with Pineapple Express Delivery Inc., the Company has signed a Subscription Agreement (the \"Agreement\") to acquire 15% of the share capital of Pineapple Express Delivery Inc. for  $1,000,000. Additionally, Namaste is pleased to announce that Pineapple Express Delivery Inc. has secured a Courier Services Agreement with Ample Organics, Canada's leading seed-to-sale software platform, for same-day cannabis delivery. Both transactions validate Namaste's position as a leader in cannabis focused technology platforms, and further demonstrate Namaste's ability to identify these value-added services aimed at enhancing the user experience. Namaste is optimistic about its equity investment in Pineapple Express Delivery Inc. and expects to see an immediate impact to the overall business operation.\n\n\n \n \n\n \nTerms of the Agreement:\n\n\nNamaste's investment of $1,000,000 will be comprised of $850,000 in cash and $150,000 in Namaste common stock issued at a deemed price determined by Namaste's 5-day VWAP as of June 15, 2018, subject to approval by the TSX Venture Exchange. \nThe $850,000 cash component of the investment will be paid over 12 monthly instalments to be used in accordance with an agreed use of proceeds. \nNamaste has a right of first refusal to acquire an additional 10% interest in Pineapple Express Delivery Inc. for $1,200,000 for 14 months following the closing date. \nNamaste will issue 150,000 options to purchase common shares pursuant to a consulting agreement entered into between Namaste and a principal of Pineapple Express Delivery Inc.\n\nNamaste plans to work directly with Pineapple Express Delivery Inc...