Botanical Holdings Plc entered into a letter of intent to acquire Anacott Acquisition Corporation (TSXV:AAC.P) in a reverse merger transaction.
Completion of the Proposed Transaction is subject to a number of conditions including, but not limited to: completion of satisfactory due diligence; execution of a definitive agreement; receipt of regulatory approvals; acceptance of the Proposed Transaction as Anacott's Qualifying Transaction by the TSXV; receipt of approval for the listing of the common shares of the Resulting Issuer by the TSXV; the completion of the Concurrent Offering; the delivery of the financial statements of both Anacott and Botanical Holdings; the shareholders of Anacott approving certain matters ancillary to the Proposed Transaction, including the Consolidation, the appointment of Botanical Holdings' director nominees, and a change in name of Anacott to "Botanical Holdings Corp." or "Botanical Holdings Inc.", all subject to the completion of the Proposed Transaction; the delivery of letters of resignation and reciprocal releases from such directors and officers of Anacott as mutually agreed conditional upon the completion of the Proposed Transaction; Anacott will have cash on hand of not less than CAD 75,000; and other condition precedents customary for a transaction such as the Proposed Transaction.