Business
PharmaCielo Signs Binding Letter of Intent to Acquire Operations in Thailand; Announces $2 Million Non-Brokered Private Placement with Participation from PharmaCielo Insiders and Siam Ventures Investors
The proposed acquisition of Siam Ventures, which provides contract manufacturing services through...
About this update from Pharmacielo Ltd.
[{"type":"text","content":"PharmaCielo Signs Binding Letter of Intent to Acquire Operations in Thailand; Announces $2 Million Non-Brokered Private Placement with Participation from PharmaCielo Insiders and Siam Ventures InvestorsThe proposed acquisition of Siam Ventures, which provides contract manufacturing services through a subsidiary, will act as a gateway to large Asian markets for PharmaCielo product.Experienced investor, businessman and lawyer Louis Desmarais, the current Chairman and CEO of Siam Ventures, will join the Company's board of directors on closing./NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/All amounts expressed in Canadian dollars unless otherwise notedToronto, Ontario and Rionegro, Colombia--(Newsfile Corp. - April 10, 2024) - PharmaCielo Ltd. (TSXV: PCLO) (OTCQX: PCLOF) (\"PharmaCielo\" or the \"Company\"), the Canadian parent of Colombia's premier cultivator and producer of dried flower and medicinal-grade cannabis extracts, PharmaCielo Colombia Holdings S.A.S., today announced that it has signed a binding Letter of Intent to enter a proposed transaction (the \"Proposed Acquisition\") whereby it would acquire 100% of the issued and outstanding shares of Siam Ventures Corporation (\"Siam Ventures\") in exchange for common shares of PharmaCielo (the \"PharmaCielo Shares\"), representing aggregate consideration value of $3,000,000 (the \"Purchase Price\"). The Purchase Price shall be payable on closing of the Proposed Acquisition by way of the issuance of 13,636,363 PharmaCielo Shares to the shareholders of Siam Ventures on a pro rata basis, representing the equivalent of $3,000,000 (the \"Consideration Shares\"). The number of Consideration Shares to be issued have been determined based on a price of $0.22 per Consideration Share, which is equal to the volume weighted average price of the PharmaCielo Shares traded on the TSX Venture Exchange (\"TSXV\") for the twenty (20) trading days immediately preceding today. Completion of the Proposed Acquisition is subject to due diligence, regulatory approvals, and the satisfaction of other customary closing conditions. PharmaCielo also announced that it is undertaking a non-brokered private placement of 9,090,909 units (\"Units\") at a price of $0.22 per Unit (the \"Offering Price\"), under the Listed Issuer Financing Exemption (\"LIFE\")....