- Irwin Naturals (IWIN) has signed a letter of intent for a business combination with Braxia Scientific Corp. (BRAX)
- The non-binding amended and restated LOI stipulates the terms and conditions upon which Irwin will acquire all of the issued and outstanding common shares of Braxia
- Under the terms of the LOI, Irwin is prepared to offer a purchase price per Braxia share based upon a valuation of the outstanding Braxia shares of US$30,000,000
- Braxia Scientific Corp. is a medical research and telemedicine company with clinics that provide ketamine treatments for persons with depression and related disorders
- Irwin Naturals has been a household name and best-in-class nutraceutical formulator since 1994
- Irwin Naturals Inc (IWIN) was up 2.40 per cent, trading at C$3.84 at 09:32 ET
Irwin Naturals (IWIN) has signed a letter of intent for a business combination with Braxia Scientific Corp. (BRAX).
The non-binding amended and restated LOI stipulates the terms and conditions upon which Irwin will acquire all of the issued and outstanding common shares of Braxia.
Under the terms of the LOI, Irwin is prepared to offer a purchase price per Braxia share based upon a valuation of the outstanding Braxia shares of US$30,000,000.
This includes a deemed value per subordinate voting share and/or proportionate voting share of Irwin equal to the greater of US$3.00, and the volume-weighted average trading price of Irwin shares on the Canadian Securities Exchange for the 20 trading days immediately prior to the execution of the arrangement agreement.
The purchase price will be payable on closing of the proposed transaction by the issuance of consideration shares to each holder of Braxia shares.
Based on the closing price of Irwin shares and Braxia shares on the CSE on January 25, 2023, of C$3.80 and C$0.05, respectively, the purchase price and exchange ratio imply a 315.72 per cent premium to the price of Braxia shares.
“With a proven track record of execution in the wellness sector spanning nearly three decades, Irwin has established a strong foothold in mental health,” said Dr. Roger McIntyre, CEO of Braxia Scientific.
“More importantly, we will be able to quickly and better address the unmet need for treatment of millions of people living with mental health disorders across North America,” he added.
“We are excited to be building North America’s leading mental health and depression network under the medical expertise of Braxia’s scientific management team, including Dr. McIntyre, the world’s foremost expert in depression and ketamine research,” noted Klee Irwin, CEO, Irwin Naturals.
Braxia Scientific Corp. is a medical research and telemedicine company with clinics that provide ketamine treatments for persons with depression and related disorders.
Irwin Naturals has been a nutraceutical formulator since 1994.
Irwin Naturals Inc. (IWIN) was up 2.40 per cent, trading at C$3.84 at 09:32 ET.