Abattis Bioceuticals Corp. (OTCPK:ATTB.F) signed a letter of intent to acquire NutriVida Corp. for CAD 15 million.
Abattis Bioceuticals Corp. (OTCPK:ATTB.F) entered into a definitive share exchange agreement to acquire NutriVida Corp. on January 10, 2019. As part of consideration, Abattis will issue 58.8 million shares to the NutriVida shareholders at a deemed price of CAD 0.085 per share and make a cash payment of CAD 0.25 million. In addition, Abattis has agreed to pay up to an aggregate of CAD 10 million to the NutriVida shareholders upon the achievement, by NutriVida, of certain performance milestones. The milestones outline aggressive growth targets that include obtaining permits for several US states as well as significant revenue targets for up to CAD 50 million in cumulative revenue commencing on the entry of the Agreement.
Upon closing of the acquisition, the Board of Directors of Abattis will be comprised of seven directors, of which six will be nominees of Abattis and one of which will be a nominee of NutriVida. The completion of the acquisition is subject to a number of conditions, including but not limited to, completion of satisfactory due diligence by both Abattis and NutriVida, approval of the acquisition by the respective Boards of Directors, and other customary conditions normal for a transaction of this nature. There can be no assurance that the acquisition will be completed as proposed or at all.