Vaughan, Ontario--(Newsfile Corp. - March 10, 2022) - Delota Corp. (TSXV: LOTA) ("Delota" or the "Company"), an established Canadian cannabis and vape retailer, is pleased to announce that it has received conditional acceptance from the TSX Venture Exchange (the "Exchange") with respect to the share purchase transaction (the "Transaction") referenced in its press release dated February 14, 2022.
Pursuant to the Transaction, the Company intends to acquire all of the issued and outstanding shares of 2766563 Ontario Inc. ("276 Ontario") from the current shareholders of 276 Ontario for an aggregate purchase price of $3,000,000.25, 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.
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.