Spyder Cannabis to buy interest in Calgary store permit 2019-08-29 08:55 ET - News Release
Mr. Dan Pelchovitz reports
SPYDER ANNOUNCES PROPOSED ACQUISITION OF DEVELOPMENT PERMIT AND LEASE
Spyder Cannabis Inc. has entered into a purchase agreement with an arm's-length third party to acquire the vendor's interest in a development permit issued by the City of Calgary for the operation of a retail cannabis store and an assignment of the lease attached to such development permit.
Pursuant to the agreement, the purchase price for the DP assets will be $175,000, which will be payable through the issuance of three million common shares of Spyder at a deemed price of 5.83 cents per share. The closing of the transactions contemplated by the agreement is subject to the satisfaction of a number of conditions, including, but not limited to, receipt of all required regulatory approvals including the approval of the TSX Venture Exchange, the company's satisfaction of its due diligence results, inspections and investigations, and obtaining landlord's consent to the lease assignment.