Phivida Holdings Inc. (CNSX:VIDA) entered into a definitive agreement to acquire Wikala.com Inc. for CAD 23.4 million on April 29, 2019. Under the terms of the share exchange agreement, Phivida will acquire all of the issued and outstanding common shares of Wikala, in return for common shares of Phivida with each holder of Wikala Shares receiving 0.7639 Phivida Shares for each Wikala share held. The transaction is expected to result in the issuance of approximately 26.3 Phivida shares. Following the deal, Wikala.com to become wholly-owned subsidiary of Phivida. For the year ending June 30, 2018, Wikala.com Inc. reported total assets of CAD 0.8 million, shareholders' equity of CAD 0.8 million and net loss of CAD 0.2 million, The transaction is subject to completion of confirmatory due diligence investigations by Phivida and, if applicable, acceptance by the Canadian Securities Exchange. In addition, it is a condition precedent that certain holders of outstanding Wikala Shares agree to be subject to a lock-up for 12 months following closing of the transaction. The transaction has been unanimously approved by the Board of Directors of each of Phivida and Wikala. The transaction is expected to close on or before May 31, 2019. Haywood Securities Inc. is acting as a fairness opinion provider to Board of Directors of Phivida.