EXMceuticals Inc. (CNSX:EXM) entered into a binding heads of terms to acquire MM (Operations) Ltd. for $30 million on May 7, 2019. The consideration will be satisfied by - a) $5 million in cash and b) $25 million in securities of EXM, which is to be structured as a convertible debt security. On July 15, 2019, EXMceuticals entered into an amendment to the term sheet relating to the acquisition. As the owner invested a further amount of $1.5 million to fully fund operations until March 31, 2020, EXMceuticals has agreed to revise the terms of the term sheet as follows: $6.5 million in cash and $25 million in a convertible note. EXM has already advanced a sum of $0.5 million as partial payment of the cash portion of the proposed transaction. Closing of the transaction is subject to various conditions, including EXMceuticals Inc., and MM (Operations) Ltd., entering into a definitive agreement, completion of due diligence and financing. EXMceuticals Inc. (CNSX:EXM) cancelled the acquisition of MM (Operations) Ltd. during year ended June 30, 2020.