Tiny Ltd. entered into a definitive share purchase agreement to acquire 100% stake in Clean Canvas Limited for $12.7 million.

Tiny Ltd. (TSXV:TINY) entered into a definitive share purchase agreement to acquire 100% stake in Clean Canvas Limited for $12.7 million on September 7, 2023. The consideration for this transaction includes an upfront cash payment of $11.5 million and contingent consideration of up to US$1.2 million (Earn-Out) based on Clean Canvas? operating performance during the next 18 months.

Tiny having the option to pay the consideration by way of (i) cash, (ii) the issuance of up to 1,200,000 Class A common shares in the capital of Tiny (Common Shares) to Clean Canvas at a deemed price per share equal to the 10-day volume weighted average trading price of the Common Shares on the TSX Venture Exchange calculated on the day immediately prior to the day of the issuance of such shares, or (iii) a combination there of. Post closing of this transaction Clean Canvas Limited will operate as independent brand. The deal is subject to TSX Venture Exchange approval.