- Hill Street Beverage Company (HILL) has issued 4,188,948 common shares to Lexaria CanPharm ULC
- It is the third and final tranche of shares to be issued in satisfaction of a deferred payment obligation
- Lexaria CanPharm ULC. is a cannabis-related division of Lexaria Bioscience Corp.
- The consideration shares were issued at a deemed price of $0.085 per share
- The share price of Hill Street Beverage Company Inc. (HILL) remained unchanged at $0.035 as at 1:37 PM ET
Hill Street Beverage Company (HILL) has issued 4,188,948 common shares to Lexaria CanPharm ULC.
It is the third and final tranche of shares to be issued in satisfaction of a deferred payment obligation for the previously announced acquisition by Hill Street of the exclusive global rights to use Lexaria’s ground-breaking DehydraTECH patent portfolio to produce non-pharmaceutical products containing 0.3 per cent or greater THC and other psychoactive cannabinoids.
Lexaria CanPharm ULC. is a cannabis-related division of Lexaria Bioscience Corp.
“The acquisition of the rights to DehydraTECH has transformed our business financially, operationally and geographically, as evidenced by the company’s strong growth and financial performance detailed in the update we shared last week,” stated Hill Street CEO Craig Binkley.
“The key metrics of the business have improved substantially since this acquisition was completed sixteen months ago, and we are expanding geographically on the early success of DehydraTECH licensing with multiple licensees,” he added.
In accordance with the terms of the acquisition, the consideration shares were issued at a deemed price of $0.085 per share, being the closing price of Hill Street’s common shares on the TSX Venture Exchange on November 18, 2020, the date that the acquisition agreement was executed.
The consideration shares will be subject to a statutory hold period expiring on the date that is four months and one day from the issuance date.
Hill Street Beverage Company is a non-alcoholic beverage and cannabis solutions company.
The share price of Hill Street Beverage Company Inc. (HILL) remained unchanged at $0.035 at 1:37 PM ET.