Business
Red Oak Announces LOI to Acquire 100% of CB Holding Group Corp., a Company Entering Into the Cannabis Vaporizer Distribution Market
Vancouver, British Columbia--(Newsfile Corp. - July 13, 2018) - Red Oak Mining Corp.  (...
About this update from Pantera Silver Corp.
[{"type":"text","content":"Red Oak Announces LOI to Acquire 100% of CB Holding Group Corp., a Company Entering Into the Cannabis Vaporizer Distribution MarketVancouver, British Columbia--(Newsfile Corp. - July 13, 2018) - Red Oak Mining Corp.  (TSXV: ROC.H) (the \"Corporation\" or \"Red Oak\") is pleased to announce that it has entered into a Letter of Intent (\"LOI\") dated July 12, 2018 with CB Holding Group Corp. (\"CBH\"). CBH is a Nevada corporation, that will operate a vaporizer pen distribution and sale business through a wholly owned California subsidiary (the \"California Subsidiary\"), with an Exclusive Distribution Agreement in the State of California, and through a wholly owned Nevada subsidiary, (the \"Nevada Subsidiary\") with an Exclusive Distribution Agreement in the State of Nevada, allowing for the distribution and sale of vaporizers. Red Oak and CBH plan to enter into a definitive Share Exchange Agreement (the \"Definitive Agreement\") whereby all outstanding securities of CBH will be exchanged for securities of Red Oak (the \"Transaction\"), which will constitute a reverse takeover by CBH and a change of business of the Corporation from mining to the production and sale of vaporizers for cannabis and CBD. The final structure of the Definitive Agreement is subject to applicable corporate, securities and tax considerations. The Transaction is an arm's length transaction. On closing of the Transaction, it is anticipated that Red Oak will carry on with sale of CBH's vaporizer pens. In connection with the completion of the Transaction, the Corporation intends to delist its securities from the TSX Venture Exchange (the \"TSXV\") and seek listing of the same on the Canadian Securities Exchange (the \"CSE\"). Red Oak plans to change its name on closing of the Transaction. All dollar amounts are in Canadian unless otherwise specified.About CB Holding Group Corp.CBH is a Nevada corporation. CBH's business on closing of the Transaction will focus on the design, formulation, infusion through proprietary process and sale of vaporizer pens in California, through the California Subsidiary. Subsequent to the development of CBH's California operations, it will also engage in a similar business in Nevada through the Nevada Subsidiary. CBH is a special purpose vehicle formed on June 29, 2018 for the purpose of effecting the Transaction. CBH's b...