RE:News : Update - not yet ; renogotiating
Sensor, EmersonGrow to revise acquisition terms
2021-03-18 13:32 ET - News Release
Mr. Jay Vieira reports
SENSOR PROVIDES CORPORATE UPDATE
Sensor Technologies Corp. has provided an update on its proposed acquisition of EmersonGrow Technology Inc. Further to Sensor's press release of January 20, 2020 and February 1, 2021, Sensor still intends to acquire all of the issued and outstanding securities in the capital of EmersonGrow (the "Proposed Acquisition").
Sensor and the shareholders of EmersonGrow have not yet executed a definitive agreement with respect to the Proposed Acquisition as the parties have determined that the original terms of the Proposed Acquisition need to be revised in light of the current economic environment. Sensor and EmersonGrow are currently discussing revised terms for the Proposed Acquisition. Sensor will be providing an update once such terms are agreed to.
The entering into of the definitive agreement will be considered a fundamental change under Policy 8 of the Canadian Securities Exchange ("CSE") and, as such, will subject to all of the requirements of Policy 8 including, but not limited to, CSE and shareholder approval.
Sensor would also like to announce that an aggregate of $345,000 of debentures was converted into common shares at the conversion price of $0.05 per share. Sensor will look to continue to strengthen its balance sheet by settling additional debt.