Business
Sunniva Inc. Announces Sale Of Natural Health Services, Ltd To The Clinic Network Canada, Inc. For CAD $9 Million
Sunniva Inc. Announces Sale Of Natural Health Services, Ltd To The Clinic Network Canada, Inc. For CAD $9 Million.
About this update from Sunniva Inc
[{"type":"text","content":"\n\n\n\nSunniva Inc. Announces Sale Of Natural Health Services, Ltd To The Clinic Network Canada, Inc. For CAD $9 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. Announces Sale Of Natural Health Services, Ltd To The Clinic Network Canada, Inc. For CAD $9 Million\nPR Newswire\nVANCOUVER, British Columbia, Sept. 10, 2019\n\n\n\nVANCOUVER, British Columbia, Sept. 10, 2019 /PRNewswire/ -- Sunniva Inc. (\"Sunniva\") (CSE:SNN, OTCQB:SNNVF) and The Clinic Network Canada, Inc. (\"TCNC\") are pleased to announce that they have entered into a share purchase agreement dated September10, 2019, pursuant to which Sunniva has agreed to sell Natural Health Services, Ltd. ( \"NHS\") to TCNC, one of Canada's largest provider of 'out-of-hospital' chronic pain management services, for CAD $9.0 million (the \"Purchase Price\") subject to customary working capital adjustments at Closing. The Purchase Price will be paid by way of CAD $4.5 million in cash and CAD $4.5 million of security consideration through the issuance of 4,500,000 preferred shares of TCNC. Closing is anticipated to occur in the fourth quarter of 2019. \n\n \n \n\n \nNHS operates 7 medical cannabis clinics in Alberta, Saskatchewan, Manitoba and Ontario with dedicated physicians with an additional 10 clinics participating in its Affiliate clinic programs across Canada.\nTCNC offers a comprehensive range of interdisciplinary medical services, as well as medical devices and products - including medical cannabis - for patients suffering from chronic pain.  TCNC currently provides its services and products through a network of 12 community-based clinics in Alberta, Manitoba, Ontario, and Quebec.\n\"The sale of NHS to TCNC will complete the previously announced disposition of our Canadian operating assets and is in lin...