Simply Better Brands to Acquire Seed-To-Shelf CBD Manufacturer CFH.
MANews-(C)2009-2022
Canada-based Simply Better Brands Corp. (TSX Venture: SBBC) (OTCQB: PKANF) has entered into a non-binding letter of intent to acquire seed-to-shelf CBD manufacturer CFH Ltd, a seed-to-shelf CBD manufacturer, the company said.
CFH is a vertically integrated with hemp fields, research and development, extraction and manufacturing with both a branded and white-label portfolio.
Under the terms of the non-binding LOI, the â[euro]Zcompany will acquire all of the issued and outstanding common shares of CFH for â[euro]ZUSD 14.32mâ[euro]Z payable in SBBC common shares valued at a price per share equal to the 10-trading day VWAP of SBBC Shares immediately prior to the closing date.
The SBBC Shares issued will be â[euro]Zsubject to contractual lock-up and resale restrictions ranging from four to 24-months following closing.
Closing of the transaction will be subject to, among other conditions, the completion and â[euro]Zdelivery to SBBC of annual audited financial statements of CFH, completion of satisfactory mutual due â[euro]Zdiligence investigations and certain other financial conditions of CFH to be met on or before the closing date.
The transaction is an arm's â[euro]Zlength acquisition and no finder's fee or commission will be payable, nor will any long-term debt be assumed, by SBBC.
For its most recently completed fiscal year ended December 31, 2021, CFH had approximately USD 3.3m of net working capital.
CFH's unaudited financial statements for the period ended December 31, 2021, identified total assets of approximately USD...
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