TAAT Global Alternatives Inc. completed the acquisition of HLND Holdings, Inc. from Hayford Cardinal Holdings, Red Carpet/Hobe Sound Inc. and Barry M. Adelman for CAD 5.2 million.
TAAT Global Alternatives Inc. (CNSX:TAAT) completed the acquisition of HLND Holdings, Inc. from Hayford Cardinal Holdings, Red Carpet/Hobe Sound Inc. and Barry M. Adelman for CAD 5.2 million on May 18, 2022. The acquisition was completed pursuant to a securities exchange agreement dated April 20, 2022, as amended April 27, 2022 and May 13, 2022 among the company as purchaser, ADCO, HLND, and the shareholders of HLND, as vendors. As consideration the company paid an aggregate of CAD 6.1595 million in cash and equity comprised of CAD 1.170305 million of the purchase price in cash and the remaining CAD 4.989195 million of the purchase price in common shares in the capital of the company. A total of 3.786572 million consideration shares were issued at a deemed price of CAD 1.317602 per consideration share, representing the 45 day volume weighted average closing price of the company's common shares. The consideration shares are subject to a contractual hold period of at least 12 months, with one-third of the consideration shares being released every four months from closing. As consideration, the Company issued 3,786,572 common shares with a fair value of CAD 3,895,040 and made a cash payment of CAD 1,182,153 for total consideration of CAD 5,077,193.