SugarBud Craft Growers Corp. is pleased to announce that it has closed the sale of the Company’s oil and gas assets with several arm’s length purchasers pursuant to which the Purchasers have acquired all of the Company’s oil and gas assets for gross proceeds of approximately $1.75 million in cash.
The series of Dispositions eliminates approximately $4.1 million of asset retirement obligations associated with the assets and significantly strengthens the Company’s balance sheet. SugarBud has no debt or abandonment liabilities and does not anticipate requiring any additional financing prior to receipt of its Cultivation License from Health Canada.
Date: April 08, 2019
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