Namaste Technologies acquisition of CannMart interest Namaste Technologies acquisition of CannMart interest
Namaste Technologies Inc (C:N)
Shares Issued 323,954,483
Last Close 1/29/2021 $0.23
Friday January 29 2021 - Acquisition
The TSX Venture Exchange has accepted for filing documentation pertaining to a share purchase agreement dated Nov. 17, 2020, as amended on Dec. 2, 2020, among the company and several arm's-length and non-arm's-length parties, whereby the company acquired the remaining 49-per-cent interest in CannMart Labs Inc. (the target).
Under the terms of the agreement, the company has agreed to acquire the remaining interest in the target for $4,034,000, payable pro rata to the vendors over the next nine fiscal quarters, of which $1,608,500 payment was satisfied with the issuance of 7,123,560 common shares at a deemed price of 22.58 cents per share. In addition to the purchase price, the agreement entitles the vendors to earnout payments upon the achievement of certain revenue targets, which are also payable over nine fiscal quarters. The maximum aggregate amount of the earnout payments is $17,427,680.52, payable pro rata to the vendors.
For further details, please refer to the company's news releases dated Nov. 18, 2020, and Dec. 3, 2020.