- Britannia Enters into definitive Agreement with Rise Life Science (RLSC) to “Go Public” via a reverse takeover of Rise Life Science
- Completion of this transaction will result in a reverse takeover of RISE and will constitute a “fundamental change” of RISE
- The definitive agreement was executed among Britannia, RISE and the RISE Subco
- RISE (RLSC) is currently developing and evolving medical and adult-use CBD formulations to create general use health and well-being products
- RISE Life Science Corp. (RLSC) is currently in the grey and is trading at C$0.04 as of April 30
Britannia Bud Canada Holdings and RISE Life Science Corp (RLSC) have entered into an agreement in respect to their previously announced transaction.
Completion of this transaction will result in a reverse takeover of RISE and will constitute a “fundamental change” of RISE pursuant to the policies of the Canadian Securities Exchange.
In this news release, references to the “Resulting Issuer” are to RISE following the closing of the RTO.
Peter Shippen, Chief Executive Officer of Britannia stated,
“We are excited to take this important next step in our company’s development and believe this transaction brings us some attractive and complementary assets, which will further our growth and development.”
Scott Secord, Executive Chairman of RISE remarked,
“RISE believes this transaction is extremely attractive to its shareholders and we are excited to support the strategy of Britannia and its management team going forward.”
“Britannia’s current operations and vision for future growth aligns well with the growing market for product development and lab testing services in the cannabis sector,” added Secord.
The definitive agreement was executed among Britannia, RISE and the RISE Subco, a wholly-owned subsidiary of RISE incorporated under the Business Corporations Act.
The definitive agreement provides for, among other things, a triangular amalgamation to which Britannia will first amalgamate with RISE Subco under the OBCA to form one corporation.
Secondly, the security holders of Britannia will receive securities of the Resulting Issuer at an exchange ratio of 120 common shares of the Resulting Issuer for each common share of Britannia.
In connection with the RTO, the board of directors and management of the Resulting Issuer will be reconstituted with nominees of Britannia.
Prior to the execution of the definitive agreement, RISE completed a private placement of subscription receipts of RISE and Britannia completed a private placement of convertible debenture units.
Britannia Bud Canada Holdings Inc. (dba Britannia Life Sciences) is a UK and Europe-focused laboratory services and product development company delivering end-to-end support for companies developing products in the areas of cosmetics, food and nutraceuticals.
RISE (RLSC) is currently developing and evolving medical and adult-use CBD formulations to create general use health and well-being products for the emerging consumer category.
RISE Life Science Corp. (RLSC) is currently in the grey and is trading at C$0.04 as of April 30.