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Scythian Biosciences signs LOI to acquire CannCure Investments Inc.

Jul. 30, 2018 9:57 AM ETSOL Global Investments Corp. (SOLCF) StockBy: Niloofer Shaikh, SA News Editor
  • Scythian Biosciences (SCCYF) inks an "arm's length" letter of intent to acquire Ontario-based CannCure Investments Inc.
  • The first 70% will be acquired in exchange for $93.3M in equity (maximum 23.325M company shares) and $43.2M in cash to be invested into CannCure by way of debt or equity. The option for the remaining 30% of CannCure (or $58.5M) shall be payable in cash or shares.
  • The deal should close in October.
  • The Company's previous announcement to sell Latin American and Caribbean Assets for $193M to Aphria Inc. is expected to close in late September. The Company intends to use the proceeds from this transaction to pay the cash component of the CannCure deal.
  • Additionally, Scythian has received conditional approval to list its common shares on the Canadian Securities Exchange and intends to voluntarily delist its common shares from trading on the TSX Venture Exchange (TSXV). The acquisition cannot close unless and until Scythian delists from the TSXV.
  • The company's stock will remain halted until CSE listing is completed, which should take around 10 business days.

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