TORONTO, Jan. 03, 2019 (GLOBE NEWSWIRE) -- PRESS RELEASE -- MPX Bioceutical Corporation announced that on Dec. 28, 2018, it had agreed to acquire certain minority interests in two Massachusetts entities associated with certain cultivation and production activities. The entities include IMT, LLC and Fall River Development Co. LLC, both limited liability companies domesticated in Massachusetts. Through its wholly-owned subsidiary CGX Life Sciences Inc. of Nevada, MPX currently owns 51 percent of each entity, and has announced its agreement to acquire the remaining interests in an all-stock transaction.
Under the terms of the agreement, MPX will issue to the Sellers common shares of MPX equal, in the aggregate, to $4.9 million USD, as determined by the ten day volume weight average price of MPX Shares on the Canadian Stock Exchange (Ten Day VWAP) prior to the announcement of this agreement, and subject to the rules and policies of the Exchange Share held.
The transaction is subject to customary closing requirements of the parties under Massachusetts law, and may be subject to regulatory supervision and approval.
