CSE:PKG - Post Discussion
Post by
kijiji on Jul 14, 2021 10:17am
ParcelPal will acquire 95% of the outstanding shares
ParcelPal Logistics expands its footprint in the US via purchase of a U.S. Delivery Company
yalcinsonat1/iStock via Getty Images
- ParcelPal Logistics (OTCQB:PTNYF) inks a “letter of intent” to acquire a United States delivery service company for an expected sum of $3.1M, payable in 60% cash and in 40% restricted shares of ParcelPal common stock.
- Under the terms of the transaction, ParcelPal will acquire 95% of the outstanding shares of Acquiree’s capital stock, and Acquiree will enter into an exclusive services agreement with its principal business source.
- The cash portion of the purchase price will be funded from either (or a combination of) existing cash, the use of our equity line of credit facility and/or a non-brokered private placement financing.
- The parties intend to complete the proposed transaction between July 30 and August 10, 2021.
- Currently, there is no assurance that the proposed transaction will be completed on the terms proposed in the Letter of Intent or within the timelines.
- The Acquiree will become a subsidiary of ParcelPal Logistics, and will continue to operate under its existing name and intends to onboard Acquiree’s senior executive within ParcelPal for further integration of the business.
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