Sona Nanotech Inc. (CNSX:SONA) entered into a binding agreement to acquire Siva Therapeutics Inc. for $8.7 million on January 26, 2023. Under the Definitive Agreement, Sona has agreed to acquire all of the issued and outstanding common shares of Siva with total consideration to the Siva shareholders of $2 million in Sona shares at the date of closing, plus up to an additional $6.65 million in Sona shares over multiple instalments conditional on Siva's future achievement of specific performance milestones by January 31, 2025. Sona has increased the proposed working capital financing from 5 million common shares up to 11 million common shares at an offering price of $0.10 per share. The working capital financing is necessary and integral for Sona to be able to complete the transaction. Completion of the Proposed Transaction is subject to the satisfaction of a number of closing conditions, including satisfactory resolution of outstanding Siva stock options, completion of two interim equity financings by Sona, including the closing of an equity raise for up to $373,826 at $0.07477 per share and one for gross proceeds of at least $1 million, or any other amount that is mutually agreed by the Parties and certain other customary closing conditions, and is subject to review and acceptance by the Exchange. The Definitive Agreement will terminate if the Proposed Transaction is not completed by March 31, 2023, unless extended by mutual agreement of the parties.

Sona Nanotech Inc. (CNSX:SONA) completed the acquisition of Siva Therapeutics Inc. on March 23, 2023.