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Sunniva Inc. Announces Amended Terms Of The Previously Announced Sale Of Sunniva Medical Inc. To CannaPharmaRx, Inc.
Sunniva Inc. Announces Amended Terms Of The Previously Announced Sale Of Sunniva Medical Inc. To CannaPharmaRx, Inc..
About this update from Sunniva Inc
[{"type":"text","content":"\n\n\n\nSunniva Inc. Announces Amended Terms Of The Previously Announced Sale Of Sunniva Medical Inc. To CannaPharmaRx, Inc.\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.prngen3{\nBORDER-TOP:1pt; BORDER-RIGHT:1pt; VERTICAL-ALIGN: BOTTOM; BORDER-BOTTOM:1pt; TEXT-ALIGN: RIGHT; PADDING-LEFT:0.50em; BORDER-LEFT:1pt; PADDING-RIGHT:0.50em\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. Announces Amended Terms Of The Previously Announced Sale Of Sunniva Medical Inc. To CannaPharmaRx, Inc.\nPR Newswire\nVANCOUVER, British Columbia and KELOWNA, British Columbia, March 17, 2020\n\n\n\nVANCOUVER, British Columbia and KELOWNA, British Columbia, March 17, 2020 /PRNewswire/ -- Sunniva Inc. (\"Sunniva\", the \"Company\", \"we\", or \"our\") (CSE:SNN, OTCQB:SNNVF) and CannaPharmaRx Canada Corp. (\"CannaPharmaRx\"), a subsidiary of CannaPharmaRx, Inc. (OTC Pink: CPMD) announced that they have amended the terms of the Share Purchase Agreement announced on June 11, 2019, as amended on October 2, 2019 and November 28, 2019, with respect to the sale of Sunniva Medical Inc. (\"SMI\") to CannaPharmaRx (the \"SMI Transaction\"). Both parties have agreed to extend the outside date for closing of the SMI Transaction until March 31, 2020.  In addition, prior to the amendment, the purchase price was to be settled with CAD $16.0 million in cash and a CAD $4.0 million promissory note. Following the amendment, the purchase price will be settled with CAD $12.9 million in cash and CAD $7.1 million through the issuance of 3,566,687 Series C Convertible, redeemable preferred shares of CannaPharmaRx. Following the settlement of indebtedness of SMI at closing and the mortgage on the Okanagan Falls property, including the previously received CAD $1.9 million in deposits, net cash proceeds at closing to Sunniva are expected to be approximately CAD $7.3 m...