CSE:COOL - Post Discussion
Post by
lscfa on Dec 13, 2022 3:01pm
CORE ONE LABS’ SUBSIDIARY ACHIEVES DEVELOPMENT MILESTONE
CORE ONE LABS’ SUBSIDIARY VOCAN BIOTECHNOLOGIES ACHIEVES DEVELOPMENT MILESTONES
Vancouver, British Columbia, Canada – December 13, 2022 – Core One Labs Inc. (CSE: COOL), (OTCQB: CLABF), (Frankfurt: LD6, WKN: A3CSSU) (the “Company” or “Core One”) the Company is pleased to announce that its wholly-owned subsidiary, Vocan Biotechnologies Inc. (“Vocan”), has successfully achieved two critical development milestones (the “Milestones”), the successful synthesis of psilocybin and the filing of a patent application for the process with the United States Patent and Trademark Office. Achievement of these Milestones are a necessary step in the achievement of commercial production of pharmaceutical-grade psilocybin.
Following achievement of the Milestones, the Company has issued 625,000 common shares (the “Bonus Shares”) to the former shareholders of Vocan to satisfy bonus obligations originally agreed to at the time of the acquisition of Vocan. A portion of the Bonus Shares will be subject to a pooling arrangement (the “Pooling Arrangement”) during which time they may not be traded or transferred and will be released from the Pooling Arrangement in six equal tranches, with the first tranche being released immediately upon issuance and each subsequent tranche being released each month thereafter.
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