Pursuant to the terms of the LOI, Inspiration will acquire all of the issued and outstanding securities of Silk (the “Proposed Acquisition”) for an aggregate purchase price of $25 million (the “Purchase Price”).
The Purchase Price will be satisfied through the issuance of an aggregate 125 million common shares (the “Consideration Shares”) in the capital of Inspiration at a deemed price of $0.20 per Consideration Share.
The closing of the Proposed Acquisition is subject to, among things, the successful completion of the Corporation’s due diligence review of Silk and the execution of a definitive share exchange agreement between the Corporation and the shareholders of Silk.
The entering into of the definitive agreement will be considered a fundamental change under Policy 8 of the Canadian Securities Exchange (“CSE”) and, as such, will subject to all of the requirements of Policy 8 including, but not limited to, CSE and shareholder approval.
Source: Company Press Release
