MPX Bioceutical Corporation (OTC: MPXEF) announced on June 11th that the company has officially completed the acquisition of all issued and outstanding 8423695 Canada Inc. (Canveda) shares. The acquisition was initially announced on April 17th, 2018. MPX’s total purchase price for the acquisition of all Canveda shares is CDN$18.2 million in cash and stock or an approximate USD$13,798,019.
The cash offering amount totaled to an estimated USD$2,365,374.65 and the remaining estimated USD$11,371,993.50 was made through the issuance of 21,428,571 common shares of MPX at a price of USD$0.53 per share.
Canveda is a cannabis cultivator that has possessed its Access to Cannabis for Medical Purposes Regulations license from Health Canada since June 12th, 2017. Their 12,000 sq. ft. facility is reported to be fully completed and ready to produce a range of 1,000-1,200 kilograms of cannabis annually.
MPX has also agreed to pay a finder’s fee to Stoic Advisory Inc. that is equal to 1% of the purchase price in MPX shares at USD$0.53.
Stoic Advisory Inc. is an independent finance advisory firm that specifically works in the corporate finance sector for the cannabis industry in a global capacity.