Harvest One (CVE:WON.H) Announces Closure of United Greeneries and Satipharm Acquisition
Perth, April 28, 2017 AEST (ABN Newswire) - MMJ PhytoTech Limited (
ASX:MMJ) ("MMJ" or "the Company") is pleased to advise that Harvest One Capital Inc. (CVE:WON.H) ("Harvest One") has announced the closure of the acquisition ("the acquisition") of MMJ's wholly-owned subsidiaries United Greeneries Holdings Ltd ("United Greeneries") and Satipharm AG ("Satipharm").
- Harvest One Capital Inc. (CVE:WON.H) has obtained final approval to list its common shares on the TSX-V as a Tier 1 Industrial or Life Sciences Issuer - expected to commence trading on or around 28 April 2017
- Closure of acquisition triggers release of C$25M from Harvest One financing
Importantly, the closure of the acquisition triggers the release of the net proceeds of the C$25 million capital raising completed by Harvest One in support of the transaction (approximately A$4m of which will be paid to MMJ as consideration and reimbursement of expenditure).
As previously advised, the resulting issuer, Harvest One Cannabis Inc. ("Harvest One Cannabis") (TSX-V: HVST), has been approved as a Tier 1 Industrial or Life Science Issuer, with HVST Common Shares expected to resume trading on or around 28 April 2017.
MMJ will have a 60% ownership in Harvest One Cannabis - a fully-financed company with two strategic cannabis brands operating in one of the fastest growing cannabis markets globally.
Completion of the transaction leaves MMJ in a strong financial position with circa A$8.3mil cash. These funds are intended to be applied towards the ongoing clinical trial programs in Israel, working capital and pursuit of new opportunities in the medical cannabis sector.
Additional information about the acquisition, as well as additional disclosure about United Greeneries and Satipharm, can be obtained from Harvest One's Filing Statement filed on SEDAR at http://www.sedar.com.
About MMJ Group Holdings Ltd
MMJ Group Holdings Ltd (ASX:MMJ) is a global cannabis investment company. MMJ owns a portfolio of minority investments and aims to invest across the full range of emerging cannabis-related sectors including healthcare, technology, infrastructure, logistics, processing, cultivation, equipment and retail. For MMJ's latest investor presentation and news, please visit: https://www.mmjphytotech.com.au/investors/
| ||
|
