Business
Wayland Enters Non-Binding LOI to Sell Canadian Business to Cryptologic Corp.
Wayland Enters Non-Binding LOI to Sell Canadian Business to Cryptologic Corp..
About this update from Wayland Group Corp
[{"type":"text","content":"\nObtains Commitment for Cdn$5 million Bridge Loan From Cryptologic\n Negotiating Second Phase of Transfer of International Business to ICC International Cannabis Corp. Intends to Distribute Cryptologic and ICC Shares to Wayland Shareholders on Closing; Aggregate Ownership Interest of Wayland Securityholders Expected to be 70% (Cryptologic) and 60% (ICC) Matthew McLeod Appointed as Wayland CEO Through Closing of Transactions Ben Ward Resigns as Wayland CEO and Director Announces Auditor Change and Update on Operational Matters TORONTO, Aug. 02, 2019 (GLOBE NEWSWIRE) -- Wayland Group (CSE:WAYL) (“Wayland” or the “Company”) is pleased to announce that it has signed a non-binding letter of intent relating to the proposed sale its Canadian business, including its Langton, Ontario production facility (the “Facility”), to Cryptologic Corp. for anticipated consideration of 57,500,000 Cryptologic common shares at a deemed issue price of $4.00 per share, which is expected to represent approximately 70% of the issued and outstanding Cryptologic common shares outstanding following closing, and the assumption by Cryptologic of liabilities relating to Wayland’s Canadian business.  This transaction values Wayland’s Canadian business at approximately Cdn$230 million plus assumed liabilities.  It is contemplated that, upon and subject to closing of the proposed transaction, Cryptologic will be a single-purpose cannabis company with a cash balance of at least Cdn$25 million (less amounts to be advanced under the bridge loan discussed below and any other amounts advanced by Cryptologic to Wayland or its affiliates (excluding interest)) available for investment in Wayland’s Canadian business.  Cryptologic has also committed to provide Wayland with a pre-signing $5 million subordinated bridge loan.  Wayland has agreed to a binding exclusivity period until September 15, 2019, or such later date as each of Wayland and Cryptologic mutual agree. Wayland also announced that it is negotiating a potential evolution in its previously announced transaction with ICC International Cannabis Corp. involving the transfer of Wayland’s remaining interest in its international portfolio of assets to ICC in exchange for additional common shares of ICC.  It is expected that under this...