- Silo Wellness Inc. (SILO) announces a strategic investment from Orthogonal Thinker Inc.
- Silo Wellness will issue 12,555,180 units to Orthogonal Thinker
- Orthogonal will invest an additional US$505,000 based on the current market price within 180 days of closing the transaction
- David Nikzad and Jason Hobson are expected to join the board of directors of Silo Wellness
- Silo Wellness Inc. (SILO) is up 38.46 per cent trading at $0.09 per share as of 11:40 a.m. EST
Silo Wellness Inc. (SILO) has announced a US$495,000 investment from Orthogonal Thinker Inc.
Silo Wellness is a holding company focused on psychedelic opportunities that benefit from a unified ecosystem.
Silo Wellness will issue 12,555,180 units to Orthogonal Thinker with each unit consisting of one common share and one common share purchase warrant.
Each warrant is exercisable for one common share at a price of $0.05 per share for a period of two years after the date of issue.
Orthogonal Thinker will invest an additional US$505,000 based on the current market price within 180 days of closing the transaction.
David Nikzad and Jason Hobson of Orthogonal Thinker are expected to join the board of directors of Silo Wellness.
David Nikzad, co-founder and CEO of Orthogonal Thinker commented on the investment.
“We chose to invest in Silo Wellness because of its firm commitment to helping people in need with psychedelics through retreats in Jamaica and the Bob Marley brand partnership. We look forward to advising Silo Wellness on how to best grow Marley One and psychedelic retreats.”
Orthogonal Thinker will receive an additional two investor nominees for election at the next shareholder meeting of Silo Wellness.
Orthogonal Thinker will be entitled to certain participation and top-up rights further set out in the investor rights agreement.
This is contingent on Orthogonal Thinker retaining a 10 per cent ownership of the issued and outstanding common shares on a fully diluted basis.
The investor rights agreement provides Orthogonal Thinker with certain registration rights with respect to its common shares.
Silo Wellness Inc. (SILO) is up 38.46 per cent trading at $0.09 per share as of 11:40 a.m. EST.