- Olive Resource Capital Inc. (OC), formerly Norvista Capital, and CannaIncome Fund Corporation have entered an agreement to exchange a portfolio of assets for 25.8 million Olive common shares
- The common shares are valued $0.095 per share for a total of $2.45 million
- Shares will be transferred to CannaIncome’s security holders after closing
- The portfolio includes public and private equities, debt, convertible debt, and warrants
- Olive Resource Capital Inc. (OC) is up 20.00 per cent and is trading at $0.06 per share as of 3:50 p.m. ET
Olive Resource Capital (OC) and CannaIncome Fund Corporation have agreed to exchange a portfolio of assets for 25.8 million Olive shares.
The common shares are valued at $0.095 per share for a total of $2.45 million.
The common shares will be transferred to CannaIncome’s security holders once the closing is complete.
The number of issuable common shares is still subject to adjustment if the value of CannaIncome’s portfolio has changed by more than 10 per cent 10 days before closing.
“We are adding quality assets to our portfolio, while reducing the portfolio weight of our largest holdings… The resulting portfolio is more diversified and retains exposure to near-term catalysts, both for the legacy assets and for some of the assets acquired,” Samuel Pelaez, President, CEO, CIO, and Director, said.
The assets to be acquired by Olive are a combination of public equities, including common shares and common share purchase warrants in five public companies.
The public and private equities are companies in mining, oil and gas and healthcare industries.
The debt is related to a real estate property asset held by a healthcare company. The convertible debentures are in respect of companies in the real estate, financial and healthcare industries, two of which are expected to convert in the near-term.
Olive Resource Capital Inc. (OC) is up 20.00 per cent and is trading at $0.06 per share as of 3:51 p.m. ET.
