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Heritage Cannabis Holdings Corp. (CSE:CANN) (OTCQX:HERTF) acquired 100% of the issued and outstanding shares in the capital of Voyage Cannabis Corp., a holder of various Health Canada cannabis licenses, through a share cancellation acquisition with Estek Ventures Corp.
As consideration for the cancellation of 500 class A voting common shares and 400,000 class G non-voting preferred shares in the capital of Voyage Cannabis Corp., the company has issued Estek Ventures Corp. 2 million common shares at a price of CA$0.06 per share plus an additional CA$50,000 in cash. The amount paid satisfies all redemption rights that Estek Ventures Corp. had pursuant to the company’s original acquisition of Voyage Cannabis Corp. and any additional claims that Estek Ventures Corp. could have had against Heritage and its affiliates as the 25% owner of Voyage Cannabis Corp. Debra Senger has also resigned as a director and officer of Voyage Cannabis Corp.
Settlement Agreement
The company has entered into a settlement agreement with the original shareholders of Purefarma Solutions Inc. to settle all outstanding obligations of Heritage to the original Purefarma shareholders pursuant to the terms of a share exchange agreement and share purchase agreement each dated December 7, 2018. In satisfaction of all claims related to earn-out share obligations and contingent cash payment obligations, the original Purefarma shareholders directed Heritage to issue 14.7 million common shares to its corporate shareholder, 1187940 B.C. Ltd., at a price of CA$0.05 per common share. Graeme Staley and Peter Yuzek have each resigned as directors and officers of Purefarma Solutions Inc.
Photo by CRYSTALWEED cannabis on Unsplash
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