Vancouver, B.C (FSCwire) - Friday Night Inc. (Friday Night) (CSE: TGIF) (FWB: 1QF) (OTCQB: TGIFF) has acquired as a wholly owned subsidiary Spire Secure Logistics Inc. (“Spire”), a Canadian private company specializing in security, intelligence, and compliance with international clients and expertise in both the regulated cannabis industry and other sectors.
Friday Night agreed to acquire 100% of Spire by the issuance of 7,142,857 common shares at a deemed price of $0.70 per share. Closing is scheduled for March 1, 2018. Friday Night will allocate working capital of CAD $1,000,000 to expand Spire’s client base in Canada and globally. The shares issued will be subject to an escrow arrangement that will see 12.5% released from escrow on closing and the remaining 87.5% being released to the vendors in 7 equal tranches of 12.5%, each to be issued on the first day of each quarter of Friday Night’s fiscal year, beginning with May 1, 2018.