Deveron Corp. agreed to acquire Assets of Tana Ag Solutions Group LLC for for $1.1 million.
May 16, 2021
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Deveron Corp. (TSXV:FARM) agreed to acquire Assets of Tana Ag Solutions Group LLC for $1.1 million on May 14, 2021. As consideration for the Acquisition, Deveron has agreed to: (i) pay Tana Ag Solutions an initial cash payment of $37,500 upon signing of the Definitive Agreement, and an aggregate of $37,500 on each of the first two anniversaries of the signing of the Definitive Agreement and (ii) issue such number of common shares in the capital of Deveron equal to $37,500 at a price of $0.82 per Common Share upon receipt of the approval of the TSX Venture Exchange (the TSXV) and an additional number of Common Shares equal to $37,500 at a price of $0.82 per Common Share on each of the first two anniversaries of the signing of the Definitive Agreement. Under the terms of the Acquisition if all milestones are met, Deveron has agreed to pay an additional $909,440. Based on the achievement of certain milestones, the remaining $909,440 would be payable as follows: $125,000 in cash and issue such number of Common Shares equal to US$132,880 in the event that during the 12 month period (the first earn-out period), following the execution of the agreement, Tana Ag exceeds gross revenue for the prior twelve month period by at least $1,000,000. $150,000 in cash and issue such number of Common Shares equal to $156,800 in the event that during the 12 month period following the first earn-out period (the second earn-out period), Tana Ag exceeds gross revenue for the prior twelve month period by at least $1,000,000. $150,000 in cash and issue such number of Common Shares equal to $194,760 in the event that during the 12 month period following the second earn-out period, Tana Ag exceeds gross revenue for the prior twelve month period by at least $1,000,000.
The completion of the transaction remains subject to all regulatory and other approvals, including the approval of the TSX Venture Exchange.
Deveron Corp. is an agriculture technology company. The Companyâs operating segment include data acquisition services and data analytics sector in Canada and in the United State of America. It uses data and insights to help farmers and large agriculture enterprises increase yields, reduce costs and improve farm outcomes. It provides full service from collection to soil and analysis. The Company provides a range of services, including field services, laboratory services, and agronomic insights. Its filed services include soil fertility sampling, soil mapping, agriculture drone services, and field boundary mapping. The Companyâs SoilOptix is a premium topsoil analysis system that sets the standard for accuracy and precision in agriculture. Its laboratory services include soil testing and analysis, plant tissue testing, and soil health. Its agronomic insights include soil insights, script insights, image insights, trial analysis, and profit mapping.