RE:RE:The market is telling you......so we are getting 6.6:1 and dividend?
thanks
On August 30 and 31, 2020, Ventura announced it had sold its cannabis assets for a total of $2,222,400 exchangeable for common shares in the Buyer in two tranches: (1) $333,360, and (2) $1,889,040 with a provision in the Purchase Agreements that provides a mechanism for a premium pricing adjustment based on certain conditions.
The conditions have now increased the price for the first tranche from $333,360 to $401,369 or an increase of 20.4%. This consideration is in addition to 800,000 share purchase warrants each exercisable for one common share of Buyer at a price of $.60 per common share for a period of 12 months.
The second tranche, announced August 31 2020, which has been reported to be $1,889,040, has the identical mechanism as the first tranche for re-pricing and warrants. The closing of the second tranche is subject to approval by the Company’s shareholders, which will be sought at a special meeting scheduled for October 23, 2020.
The consideration amount for the first tranche is locked in as of September 10, 2020 and $401,369 of shares in the Buyer will be issued to Ventura shareholders. Subject to the shareholder vote, the second tranche will close and, once finalized, all shares in Buyer will be distributed to shareholders as a dividend.