Revive Therapeutics Ltd. Ltd. (“Revive” or the “Company”) is pleased to announce that it has entered into a letter of intent, dated February 11, 2020 (the “LOI”) with Psilocin Pharma Corp. (“Psilocin”), an arm’s length party incorporated pursuant to the laws of the Province of Ontario. Pursuant to the terms of the LOI, Revive will acquire all of the issued and outstanding securities of Psilocin (the “Proposed Acquisition”) for an aggregate purchase price of $2.75 million (the “Purchase Price”). The Purchase Price will be satisfied through the issuance of an aggregate of 55 million common shares in the capital of Revive at a deemed price of $0.05 per share.
Upon the execution of the LOI, Revive agreed to deposit an aggregate of 10 million common shares (the “Deposit Shares”) in the capital of Revive, for an aggregate consideration of $500,000, into escrow as a deposit of the Purchase Price. In the event that the Proposed Acquisition does not close, the Deposit Shares will be returned to Revive for cancellation.
The closing of the Proposed Acquisition is subject to, among things, the successful completion of Revive’s due diligence review of Psilocin and the execution of a definitive share exchange agreement between Revive and the shareholders of Psilocin.
“Psilocin Pharma has the platform, relationships, and know-how to develop psylocibin-based products that are key to this emerging psychedelics industry. We feel this acquisition will complement Revive and be a strong addition to our current clinical initiatives in liver disease and inflammation,” says Michael Frank, CEO of Revive Therapeutics.
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Source: BioSpace
