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Sunniva Inc. Agrees To Sell Its Okanagan Falls Property To CannaPharmaRx, Inc. For CAD $20 Million
Sunniva Inc. Agrees To Sell Its Okanagan Falls Property To CannaPharmaRx, Inc. For CAD $20 Million.
About this update from Sunniva Inc
[{"type":"text","content":"\n\n\n\nSunniva Inc. Agrees To Sell Its Okanagan Falls Property To CannaPharmaRx, Inc. For CAD $20 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.prngen2{\nBORDER-TOP:1pt; BORDER-RIGHT:1pt; VERTICAL-ALIGN: BOTTOM; BORDER-BOTTOM:1pt; PADDING-LEFT:0.50em; BORDER-LEFT:1pt; PADDING-RIGHT:0.50em\n}\n.prntblns{\nBORDER-TOP: 1pt; BORDER-RIGHT: 1pt; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: 1pt; BORDER-LEFT: 1pt\n}\n\n\n\n\n\n\nSunniva Inc. Agrees To Sell Its Okanagan Falls Property To CannaPharmaRx, Inc. For CAD $20 Million\nCanada NewsWire\nVANCOUVER, British Columbia, June 12, 2019\n\n\n\nTransaction is subject to financial audit and satisfaction of other conditions\n VANCOUVER, British Columbia, June 12, 2019 /CNW/ -- Sunniva Inc. (\"Sunniva\") (CSE:SNN, OTCQB:SNNVF) and CannaPharmaRx, Inc. (\"CannaPharmaRx\") (OTC Pink: CPMD) are pleased to announce that they have entered into a share purchase agreement dated June 11, 2019, pursuant to which Sunniva has agreed to sell Sunniva Medical Inc. (\"SMI\") to CannaPharmaRx in an all-cash transaction for CAD $20 million less certain outstanding liabilities in SMI, including the mortgage on the property.  Net proceeds payable to Sunniva are anticipated to be approximately CAD $15.5 million. Closing is anticipated to occur on or around July 5, 2019. Effectiveness of the agreement is subject to certain closing conditions including completion of a financial audit of SMI and receipt of sufficient financing by the Purchaser. \n \nSMI owns the Sunniva Canada Campus, which includes construction assets for a planned 759,000 square foot greenhouse located on an approximately 114-acre property in Okanagan Falls, British Columbia. \n\"The sale of SMI is in line with our previously announced strategy of evaluating strategic alternatives for our operations in Canada,\" said Dr. Anthony Holler, CEO of Sunniva Inc. \"Sunniva is focused on the advancement of our California assets and expanding our sales and distribution infrastructure in the state to support our continued growth in this rapidly evolving market. The dispos...