• Irwin Naturals Inc. (IWIN) has signed an amended and reinstated letter of intent (LOI) to acquire Braxia Scientific Corp. (BRAX)
  • Irwin Naturals is a North American health and wellness company which has recently developed a rapidly growing network of mental health clinics in the U.S.
  •  Irwin Naturals may pay US$3.00 and the 20-day volume-weighted average trading price of its shares before the closing date
  • The number of Irwin consideration shares may be adjusted if the total consideration received by holders of Braxia shares is less than US$30 million
  • Irwin Naturals Inc. (IWIN) is up 1.27 per cent, trading at $4.00 per share as of 11:25 a.m. EST
  • Braxia Scientific Corp. (BRAX) is down 5.56 per cent, trading at $0.08 per share as of 11:20 a.m. EST

Irwin Naturals Inc. (IWIN) has signed an amended LOI to acquire medical and psychedelic research company Braxia Scientific Corp. (BRAX).

Irwin Naturals is a North American health and wellness company which has recently developed a rapidly growing network of mental health clinics in the U.S.

As outlined in the LOI, Irwin Naturals shared it is prepared to offer a purchase price of US$3.00 and the volume-weighted average trading price of Irwin shares on the Canadian Securities Exchange for the 20 trading days before executing a proposed arrangement agreement.

The purchase price would be paid on closing through the issuance of an undetermined number of Irwin consideration shares to each holder of Braxia shares. Based on the closing price of Irwin and Braxia shares on January 25, of $3.80 and $0.05, the purchase price and exchange ratio could imply a 315.72 per cent premium to the Braxia shares.

The number of Irwin consideration shares may be adjusted if the total consideration received by holders of Braxia shares is less than the current valuation of US$30 million.

The companies stated that the final purchase price per Braxia share and the exchange ratio will be determined when the arrangement agreement is executed. Additionally, the convertible securities of Braxia would either remain outstanding in accordance with their terms or be exchanged for similar securities of Irwin if the transaction is executed.

The proposed transaction is subject to certain due diligence, signing a binding arrangement agreement, and receipt of all required corporate, shareholder, and regulatory approvals. Braxia will also need to have at least $575,000 in working capital before the closing date.

Irwin Naturals Inc. (IWIN) is up 1.27 per cent, trading at $4.00 per share as of 11:25 a.m. EST.

Braxia Scientific Corp. (BRAX) is down 5.56 per cent, trading at $0.08 per share as of 11:20 a.m. EST.


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