Sire Bioscience Inc. (CNSX:SIRE) entered into a letter of intent to acquire PlantFuel, Inc. for $9.7 million on February 9, 2021. Sire Bioscience Inc. entered into a definitive agreement to acquire PlantFuel, Inc. for $9.7 million on March 2, 2021. The consideration is for 65 million common shares of Sire Bioscience. There are no outstanding convertible or exercisable securities of PlantFuel. The consideration shares will be released as follows: 10% on closing, 30% three months from closing, 30% six months from closing, 30% twelve months from closing. All securities issued will be subject to a four-month hold period pursuant to securities laws in Canada. PlantFuel will be added to the supplements portfolio of Sire. Following the Transaction, PlantFuel will continue operations as a wholly-owned subsidiary of Sire. Under the proposed terms of the letter of intent, the management team at PlantFuel would continue on and the current shareholders of PlantFuel would have the right to nominate one additional member to the Board of Directors of the company. Brian Polla, Chief Executive Officer of Sire Bioscience added Brad Pyatt, the Founder of PlantFuel to the Sire Bioscience team. Upon completion of the Transaction, but prior to giving effect to the Private Placement, it is anticipated that former PlantFuel Shareholders will hold approximately 47.7% of the outstanding common shares of the Sire. The transaction is subject to the satisfaction or waiver of a number of closing conditions including, among others, (i) completion of satisfactory due diligence by Sire, (ii) the receipt of applicable corporate, shareholder and regulatory approvals, (iii) entering into a definitive agreement (iv) the execution of an agreement with Brad Pyatt as President of PlantFuel; (v) the completion of a private placement financing by Sire for gross proceeds of at least $3 million and (vi) the appointment of one PlantFuel nominee director to the company’s board of directors. The transaction is expected to close on or before April 30, 2021.