Business
PharmaCielo to Acquire International Cannabis Company Creso Pharma for A$122 Million
PharmaCielo to Acquire International Cannabis Company Creso Pharma for A$122 Million ...
About this update from Pharmacielo Ltd.
[{"type":"text","content":"\n\n\n\nPharmaCielo to Acquire International Cannabis Company Creso Pharma for A$122 Million\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\nTORONTO, June 6, 2019\n\n\n\nAcquisition will add extensive on-shelf product portfolio available in multiple regions Expands PharmaCielo's global sales reach and market presence in Canada, Switzerland, Europe, Australia, New Zealand, Israel, and Brazil TORONTO, June 6, 2019 /CNW/ - PharmaCielo Ltd. (\"PharmaCielo\" or the \"Company\") (TSXV:PCLO), the Canadian parent of Colombia's premier cultivator and producer of medicinal-grade cannabis oil, PharmaCielo Colombia Holdings S.A.S., today announced that it has entered into a scheme implementation agreement (the \"Implementation Agreement\") pursuant to which PharmaCielo has agreed to acquire all of the issued and outstanding shares and listed options of Creso Pharma Ltd. (\"Creso Pharma\") (ASX:CPH), for an aggregate purchase price of approximately A$122 million (the \"Acquisition\").  Creso Pharma is a global medicinal cannabis company that specializes in research, development and production of therapeutic, nutraceutical and animal health products. PharmaCielo will pay A$0.63 per Creso Pharma share, representing a premium of 50% over the closing trading price of the Creso Pharma shares on May 31, 2019. The purchase price for the Creso Pharma shares will be satisfied by the issuance of PharmaCielo common shares (\"PharmaCielo Shares\") priced at C$7.6166 per PharmaCielo Share being the 3-day volume weighted average trading price for the PharmaCielo Shares representing an exchange ratio of a 0.0775 PharmaCielo Shares per each Creso Pharma share.\n\n \n \n\n \nThe Implementation Agreement and related transactions have been unanimously approved by the board of directors of each of PharmaCielo and Creso Pharma. The board of directors of PharmaCielo received an opinion from its financial advisor that the consideration being offered by PharmaCielo under the Acquisition is fair, from a financial point of view, to PharmaCielo. \nDeal HighlightsUpon...