AVV halted and news out
Alta Vista, RedeCan Pharm remove royalty under LOI
2016-01-29 09:39 ET - News Release
Mr. Ian Foreman reports
ALTA VISTA AND REDECAN AGREE TO REMOVE ROYALTY
Alta Vista Ventures Ltd. and RedeCan Pharm have agreed to remove the royalty that had been previously considered under the original letter of intent (see news release dated Nov. 27, 2015). There is now no overriding royalty to be paid.
The amended terms of the acquisition consider the purchase of a 90-per-cent interest in RedeCan by paying to the owner of RedeCan $8-million and issuing a total of nine million shares. The underlying owner will retain a non-participating 10-per-cent ownership in the business.
"The previously considered royalty proved unpopular with our shareholders and interested parties. We worked diligently to remove it and believe that this is a much better structure that will benefit both groups," stated Ian Foreman, president of Alta Vista.
In addition, the parties have agreed to close the transaction on, or before, March 1, 2016.
We seek Safe Harbor.