BevCanna Completes Acquisition of Naturo Group, Announces Debt Settlement and Grant
BevCanna Enterprises Inc. (CSE: BEV) (OTCQB: BVNNF) acquires a Canadian producer of beverages and consumer products.
Vancouver’s maker of cannabinoid infused drinks entered in an amended and restated agreement to acquire Naturo Group Inc.
Once the transaction is finalized, Naturo will become the 100% subsidiary of BevCanna.
BevCanna will also own an on-site natural alkaline spring water aquifer, valued at approximately C $ 18 million ($ 14.1 million).
The acquisition brings the company a consumer distribution network of more than 3,000 retail outlets, as well as the Naturo beverage facility covering 40,000 square feet and 315 acres of outdoor farmland, for n to name a few.
As of January, Naturo’s business was valued between C $ 37 million ($ 28.96 million) and C $ 38 million ($ 29.74 million), according to an independent estimate report, cited by BevCanna.
The company expects to complete the acquisition within the next ten days.
“BevCanna’s leadership in the cannabis-infused beverage industry and direct-to-consumer e-commerce, along with Naturo’s innovative TRACE herbal mineral beverages and supplements, significant manufacturing and natural resource assets and a vast distribution network will form the basis of a well-positioned, health and wellness market leader for long-term growth, ”said Marcello Leone, CEO and Founder of Naturo.
Debt settlement and subsidy
In addition, the company stated that it had settled a debt in the amount of $ 51,501 that it owed to certain creditors. BevCanna issued approximately 35,000 common shares of its debt settlement common stock at $ 0.90 per share and 23,810 debt settlement shares at $ 0.84 per share.
Additionally, the company also revealed that one of its consultants and one of its directors has been granted a total of 100,000 stock options to purchase up to 100,000 of its common stock at $ 1 per share. .