- Avant 50% joint venture closes previously announced bid to purchase Flowr Okanagan, including Flowr Okanagan's Kelowna operation, for approximately $3.850 million and $1.265 million in Avant Shares
- Provides Avant with combined facilities of approximately 185,000 square ft
- Expected to increase Avant's production capabilities by 60%[1]
- Results in Avant being one of the largest indoor, ultra-premium producers in Canada2
The aggregate purchase price for the Purchased Shares was equal to $5,115,000, consisting of (a) $3,850,000 payable in cash and satisfied in the manner described below; and (b) 7,402,186 common shares in the capital of Avant ("Avant Shares") with a value of $1,265,000 based on the deemed price of $0.1708955 per Avant Share (the "Avant Share Consideration"), plus (i) the amount of the Closing DIP Loan (to the extent not otherwise repaid); and (ii) the value of the Assumed Liabilities (as those terms are defined in the Purchase Agreement), subject to certain adjustments (collectively, the "Purchase Price").