An unknown buyer signed a non-binding letter agreement to acquire Ionic Brands Corp. (CNSX:IONC) in a reverse merger transaction on December 23, 2021. Pursuant to the interim agreement, the shareholders of LP will be entitled to receive a fixed ratio of Ionic common shares such that the shareholder ratio will proportionally equal 1:11.5 Ionic shareholders to LP shareholders on closing of the transaction.

It is also expected that Ionic would consolidate its shares prior to the closing of the deal. Upon closing of the transaction, the Board of Directors of the resulting company is expected to comprise of five. The transaction is subject to the approval of the Canadian Securities Exchange also the receipt of applicable regulatory approvals and the shareholder approvals and the closing will be according to the terms of the definitive agreement.

McMillan LLP acted as legal advisor while Clarus Securities Inc. acted as financial advisor to Ionic Brands Corp.