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Quest PharmaTech Clarifies Agreement in Principle with OQP Bio Inc.
Quest PharmaTech Clarifies Agreement in Principle with OQP Bio Inc. Canada NewsWire ...
About this update from Quest Pharmatech Inc.
[{"type":"text","content":"\n \n \n \n Quest PharmaTech Clarifies Agreement in Principle with OQP Bio Inc.\n \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.prntar{\nTEXT-ALIGN: RIGHT\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n TSX Venture: QPT\n \n \n \n \n \n EDMONTON, AB\n \n \n ,\n \n \n June 6, 2023\n \n \n /CNW/ - Quest PharmaTech Inc. (TSXV: QPT) (\"Quest\" or the \"Company\"), at the request of the TSX Venture Exchange, is providing additional information to clarify certain information contained in the Company's news release dated\n \n June 2, 2023\n \n announcing the entry into of a non-binding agreement in principle (\"\n \n Agreement in Principle\n \n \") with OQP Bio Inc. of Korea (\"\n \n OQP Bio\n \n \") for the potential monetization of bonds held by Quest in OQP Bio (the \"\n \n OQP Bio Bonds\n \n \").\n \n \n As previously disclosed,\n \n the Agreement in Principle is non-binding and subject to the execution of a definitive agreement among the parties and a definitive agreement has not been signed to date. The terms and conditions contained in the Agreement in Principle are indicative and subject to change and there can be no assurance that a definitive agreement will be signed on the indicative terms or at all. In addition, even if a definitive agreement is signed, the Company will be subject to performance risk of all counterparties and liquidity risk and price volatility for any marketable securities received.\n \n The Agreement in Principle contemplates that buyers for one-half of the Company's OQP Bio Bonds payable in cash will be arranged by OQP Bio\n \n . The Company is not aware at this time of any third party purchasers that have been arranged or committed to purchase the Company's OQP Bio Bonds and there is a risk that OQP Bio will not be successful in arranging for such purchasers.\n \n The Agreement in Principle also contemplates a merger between Canaria Bio Co, Ltd. (\"\n \n CAB\n \n \") and Canaria Bio M Co. Ltd. (\"\n \n CABM\n \n \") and the receipt by the Company of shares of CAB in exchange for shares of CABM. The CABM shares would be received by the Company ...