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Sunniva Inc. Announces Amended Terms And Closing Of The Previously Announced Sale Of Natural Health Services Ltd.
Sunniva Inc. Announces Amended Terms And Closing Of The Previously Announced Sale Of Natural Health Services Ltd..
About this update from Sunniva Inc
[{"type":"text","content":"\n\n\n\nSunniva Inc. Announces Amended Terms And Closing Of The Previously Announced Sale Of Natural Health Services Ltd.\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; 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. Announces Amended Terms And Closing Of The Previously Announced Sale Of Natural Health Services Ltd.\nPR Newswire\nVANCOUVER, British Columbia, Dec. 19, 2019\n\n\n\nVANCOUVER, British Columbia, Dec. 19, 2019 /PRNewswire/ -- Sunniva Inc. (\"Sunniva\", \"we\", \"our\" or the \"Company\") (CSE:SNN, OTCQB:SNNVF) and Cura-Can Health Corp. (\"Cura-Can\") are pleased to announce the closing of the previously reported sale (the \"Transaction\") of Sunniva's wholly-owned subsidiary, Natural Health Services Ltd. (\"NHS\") on December 18, 2019. The original share purchase agreement (the \"Original Agreement\") dated September 10, 2019 was amended and restated (the \"Amended and Restated Agreement\") to set out a revised transaction structure under which Cura-Can, instead of its wholly-owned subsidiary, The Clinic Network Canada Inc. (\"TCNC\"), acquired NHS. Pursuant to the Transaction, Cura-Can paid a purchase price of CA $9,000,000 comprised of CA $250,000 in cash and CA $8,750,000 of security consideration through the issuance of 7,000,000 Class A common shares (the \"Cura Shares\") of Cura-Can (the \"Consideration\"). Sunniva is entitled to certain conversion rights for the Cura Shares based on Cura-Can's ability to effect a liquidity event for TCNC. The Consideration replaces the prior consideration for NHS pursuant to the Original Agreement of CA $4,500,000 million in cash and CA $4,500,000 million of security consideration through the issuance of 4,500,000 preferred shares of TCNC.\n\n \n \n\n \nDr. Anthony Holler, Sunniva's Chairman and CEO stated \"This sale has been part of our ongoing process to dispose of our Canadian assets. We are pleased t...