Business
Planet Ventures Inc. Completes Acquisition of Cucu Sports Limited and Appoints Sergio Teubal to Board of Directors
(TheNewswire) V A N C O U V ER, Briti...
About this update from Planet Ventures Inc
[{"type":"text","content":"Planet Ventures Inc. Completes Acquisition of Cucu Sports Limited and Appoints Sergio Teubal to Board of Directors\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n V\n \n \n A\n \n \n N\n \n \n C\n \n \n O\n \n \n U\n \n \n V\n \n \n ER,\n \n \n British Columbia -\n \n \n TheNewswire\n \n \n - October 5,\n \n \n 2020\n \n \n -\n \n \n Planet Ventures\nInc.\n \n \n (\n \n \n T\n \n \n S\n \n \n X\n \n \n V\n \n \n :\n \n \n PXI\n \n \n )\n \n \n (\n \n \n OTC:PNXPF\n \n \n )\n \n \n (\n \n \n FSE:P6U\n \n \n )\n \n \n (\n \n \n \"\n \n \n Planet\"\n \n \n o\n \n \n r\nt\n \n \n h\n \n \n e\n \n \n \"\n \n \n C\n \n \n o\n \n \n m\n \n \n pan\n \n \n y\n \n \n \"\n \n \n )\n \n \n is pleased to announce that\n \n \n further to its news releases dated May 28, 2020,\nand September 18, 2020, the Company, through its wholly-owned\nsubsidiary 1261489 B.C. Ltd. (\"\n \n \n AcquisitionCo\n \n \n \"),\nhas completed the acquisition of 100% of the issued and outstanding\nshares (the \"\n \n \n Purchased\nShares\n \n \n \")\n \n \n of Cucu\nSports Limited (\"\n \n \n Cucu\n \n \n \") in exchange for common shares\n(\"\n \n \n Common\nShares\n \n \n \") in the capital of the Company (the\n\"\n \n \n Transaction\n \n \n \").\n \n \n \n \n The Transaction was completed pursuant to the terms of\na share exchange agreement (the \"\n \n \n Definitive Agreement\n \n \n \") dated September 2, 2020, among the Company,\nAcquisitionCo, Cucu, and the shareholders of Cucu (the\n\"\n \n \n Cucu\nShareholders\n \n \n \").\n \n \n \n The Transaction\n \n \n \n Pursuant to the terms of the Definitive Agreement, as\nconsideration for the sale and transfer of the Purchased Shares to\nAcquisitionCo, the Company issued to the Cucu Shareholders an\naggregate of 12,000,000 Common Shares (the \"\n \n \n Consideration Shares\n \n \n \"). In addition to a regulatory hold period expiring\nfour months and a day from the date of issuance, the Consideration\nShares bear restrictive legends which provide for a staged release\nover a period of 18 months.\n \n \n \n \n Additionally, upon closing of the Transaction Sergio\nTeubal, Cucu's chief executive officer, was appointed to the Company's\nboard of directors. In connection with his appointment as a director,\nthe Company issued Sergio Teubal 2,200,000 incentive stock options\n(the \"\n \n \n Options\n \...