Business
Novo Integrated Sciences and CannaPiece Group Sign Share Exchange Agreement and Close $1,867,250 Subscription Agreement
Novo Integrated Sciences and CannaPiece Group Sign Share Exchange Agreement and Close $1,867,250 Subscription Agreement.
About this update from Novo Integrated Sciences, Inc.
[{"type":"text","content":"\nBELLEVUE, Wash., Dec. 21, 2018 (GLOBE NEWSWIRE) --  via OTC PR WIRE -- Novo Integrated Sciences, Inc. (OTCQB:NVOS) (the “Company” or “Novo Integrated Sciences”) and Novo Healthnet Limited (“NHL”), a wholly owned Canadian subsidiary of the Company, are pleased to announce the signing of a definitive Share Exchange Agreement (“SEA”), dated December 18, 2018, with CannaPiece Group Inc. (“CannaPiece”), an Ontario province corporation and a late stage applicant for issuance, from Health Canada, of a cannabis cultivation, extraction and sale license under the Access to Cannabis for Medical Purposes Regulations.\n Upon closing of the SEA, NHL will acquire a 25% stake in CannaPiece in exchange for delivery, by the Company to CannaPiece, of 20,296,196 Novo Integrated Sciences restricted common shares. Closing of the SEA is contingent upon satisfaction of certain conditions, the primary of which is CannaPiece, or its wholly owned subsidiary, being granted a license by Health Canada, under the Cannabis Act, authorizing approved Licensed Producer Status to both cultivate and sell cannabis product in Canada. In connection with entry into the SEA, the Company accepted a $1,867,250 subscription from CannaPiece for 2,029,620 shares of the Company’s restricted common stock, resulting in an effective price per share of $0.92. Pursuant to the terms of the SEA, CannaPiece agreed to make an additional investment in the Company of approximately $1,350,000 to acquire additional shares of the Company’s restricted common stock, at a per share price of $0.92, no later than January 7, 2019. Mr. Robert Mattacchione, Novo Integrated Sciences’ CEO and Board Chairman, states “The Novo-CannaPiece partnership is a significant milestone event for Novo as we work to solidify our ambition to be a comprehensive and laterally positioned healthcare provider in the Canadian Healthcare sector. The integration of Novo with CannaPiece’s cannabis platforms, as well as providing access to progressive cannabis and CBD based modern medicines, will expand the scope of treatment solutions for our extensive Canadian patient base.” About Novo Integrated Sciences, Inc. and Novo Healthnet Limited Through NHL, a wholly owned subsidiary of Novo Integrated Sciences, w...