GREY:CWWBF - Post by User
Comment by
QcTraderon Feb 18, 2022 4:08am
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Post# 34440822
RE:3m$ + 12m shares@0.25c decent deal for PBIC!
RE:3m$ + 12m shares@0.25c decent deal for PBIC! Wront title... should have been 3m$ = 12m shares.
QcTrader wrote:
Vaughan, Ontario--(Newsfile Corp. - February 14, 2022) - Delota Corp. (TSXV: LOTA) ("Delota" or the "Company"), an established Canadian cannabis and vape retailer, is pleased to announce that the Company has entered into a share purchase agreement (the "Share Purchase Agreement") with the shareholders of 2766563 Ontario Inc. ("276 Ontario") to acquire all of the issued and outstanding shares of 267 Ontario (the "Shares").
276 Ontario, led by Plant-Based Investment Corp. (CSE: PBIC), currently holds approximately $11.13M in debt (the "Debt") of 2360149 Ontario Inc. d/b/a 180 Smoke, the Company's leading omni-channel Canadian specialty vape retailer that has a strong recognizable brand among Canadian adult vape consumers with over 230,000 registered customers across its B2C channel. The Company acquired 180 Smoke on March 30, 2021.
Pursuant to the Share Purchase Agreement, the Company has agreed to purchase the Shares (the "Acquisition") for an aggregate purchase price of $3,000,000.25 (the "Purchase Price"), which the Company will satisfy through the issuance of an aggregate of 12,000,001 common shares of the Company at a deemed price of $0.25 per common share (the "Consideration Shares").
"I am pleased we could finalize the terms of the Acquisition with the shareholders of 276 Ontario which will effectively eliminate the Debt from the Company's balance sheet upon closing and should provide a significant bump to Delota's market capitalization. With a clean balance sheet and a strengthened public currency, Delota would be in a much stronger position to raise capital and entertain accretive M&A opportunities to expand its retail footprint and execute on our business plan," said Cameron Wickham, Executive Vice Chairman and CEO of Delota. "Our immediate focus continues to be on organic growth opportunities within our existing lease portfolio and net-new leases to introduce additional Offside Cannabis dispensaries to serve the value-conscious cannabis consumer and our forthcoming dispensary brand that will be positioned to provide a more experiential experience."
The parties will proceed to close the Acquisition upon satisfaction of the closing conditions, which includes the approval of the TSX Venture Exchange.
About Delota Corp.
Delota is an established cannabis and vape retailer that owns and operates a portfolio of Canadian retail brands well-positioned to capitalize on the evolving cannabis and nicotine retail sectors. Delota's goal is to build the most popular retail cannabis and nicotine brands in Canada by aggressively growing its retail footprint and developing retail banners that resonate with a loyal and growing cannabis and nicotine customer base. The company's current retail banners include Offside Cannabis, SPDR Cannabis and 180 Smoke.