Sproutly Canada Inc. (CNSX:SPR) executed a binding Letter of Intent to acquire Global assets of Apollon Formularies for CAD 7 million on September 12, 2023. After the successful completion of due diligence, Sproutly will acquire the assets of Apollon pursuant to an Asset Purchase Agreement. In exchange, Sproutly will issue to Apollon a sufficient number of Sproutly shares so that Apollon will own 49% of the enlarged shar capital of Sproutly, post-transaction.

If the transaction takes place with the number of outstanding Sproutly shares as are currently in issue, and at an anticpated deemed price of CAD 0.02 (the price at which the trading of common shares of Sproutly was suspended), the effective valuation of the disposal of Apollon's assets will be CAD 7 million. The disposal of the assets will likely constitute a fundamental change to Apollon's business, and therefore an explanatory circular will be prepared and a general meeting called in due course, to obtain shareholder approval for the disposal.As of November 21, 2023 Sproutly Canada Inc. and Apollon Formularies PLC announce the completion of their due diligence of key assets of the companies.