World News: 13:53 GMT Friday 14th September 2018. [Scythian Biosciences Corp. via Globe Newswire via SPi World News]
Execution of the Share Purchase Agreement is a Key Benchmark in Finalizing Previously Announced $193 Million Sale of Assets in Caribbean and Latin America
Shares to be Received in Consideration for the Proposed Sale of Assets in Caribbean and Latin America are now Worth Approximately $271 Million As Of Yesterday’s Close of Market
TORONTO, Sept. 14, 2018 (GLOBE NEWSWIRE) -- Scythian Biosciences Corp. (the "" or “”) (CSE:SCYB) (Frankfurt:9SB) (OTC – Nasdaq Intl: SCCYF) announces that it has entered into a definitive share purchase agreement (the “”) with MMJ International Investments Inc. (“”), a privately-held British Columbia company and all of the shareholders of MMJ, to acquire all of the issued and outstanding common shares of MMJ (the “”). MMJ is the owner of Argentina-based ABP S.A. (“”), a pharmaceutical import and distribution company with a license to import, sell and distribute medical products and derivatives in Argentina. ABP also holds a license to import cannabidiol oil into Argentina. The Purchase Agreement supersedes the previously-announced business combination agreement between Scythian and MMJ to effect the Acquisition. Closing of the Acquisition remains subject to a number of conditions including the receipt of all applicable regulatory approvals and third party consents and the completion of the Company’s due diligence investigations of MMJ and ABP.
In accordance with the terms and conditions of the Purchase Agreement, Scythian will satisfy the purchase price by the issuance of 6,176,320 common shares in the capital of the Company (“”) to the shareholders of MMJ at a price per share equal to the closing trading price of the Common Shares immediately prior to the closing date. The Company expects the closing to take place on September 17, 2018.
The Acquisition is one of Scythian’s final transactions in South America and the Caribbean, where the Company’s strategic investments and regional partnerships had previously been focused.
The acquisition of MMJ and ABP will continue Scythian’s strategic exit from its South American and Caribbean investments and partnerships, a process which includes the Company’s previously announced disposition of regional assets for an aggregate of $193 million. As disclosed on August 23, 2018, Scythian intends to develop its presence in a number of U.S. states.
Scythian also intends to change its name to SOL Investments Corp. subject to receiving shareholder approval at the Company’s special meeting of shareholders scheduled to take place later today.
Scythian is an international cannabis company with a focus on legal U.S. states. Its strategic investments and partnerships across cultivation, distribution and retail complement the company’s R&D program with the University of Miami. It is this comprehensive approach that is positioning Scythian as a future frontrunner in the United States’ medical cannabis industry.
Scythian Biosciences Corp. Rob Reid, CEO Phone: (212) 729-9208 Email:
For media inquiries, please contact: David Schull or Nic Johnson Russo Partners (858) 717-2310
Globe Newswire: 13:53 GMT Friday 14th September 2018
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