British Columbia-based cannabis cultivation firm Choom Holdings Inc. (CSE: CHOO) (OTCQB: CHOOF) this morning said that along with its wholly-owned subsidiary, Arbutus Brands Inc., it has entered into a definitive amalgamation agreement with International Tungsten Inc. (“ITI”). Per the terms of the agreement, Arbutus Brands will merge with ITI and the combined company will remain a wholly-owned subsidiary of Choom operating under the name of Arbutus Brands. All issued and outstanding securities of ITI will be exchanged for securities of Choom. Additionally, ITI has entered into an agreement to acquire all of the issued and outstanding securities of an applicant under the Access to Cannabis for Medical Purposes Regulations (the “ACMPR”), Specialty Medijuana Products Inc. (“SMP”). SMP has submitted its Affirmation of Readiness (“AOR”) evidence package to Health Canada and expects to receive a cultivation license from Health Canada within the next several weeks. In connection with the transaction, Choom has successfully completed an offering of subscription receipts at a price of $0.60 each for total gross proceeds of $7.0 million. None of the securities issued in connection with the transaction or the offering may be offered or sold in the United States.
To view the full press release, visit http://ibn.fm/mrG5l
Let us hear your thoughts: Choom Holdings Inc. Message Board
Channeling the spirit of Hawaii in the Okanagan, high-grade handcrafted strains by Choom™ are all about cultivating good times and good friends. Choom™ was inspired by the Choom Gang; a group of buddies in Honolulu during the 1970s. Now, after four decades, Choom is bringing the spirit of Hawaii to the Okanagan. The company is planting its flag in the rapidly growing legal cannabis industry in Canada with its own brand of high-grade handcrafted herb. For more information, visit the company’s website at www.Choom.ca
QualityStocksNewsBreaks provide a rapid summary of corporate news that catch the attention of QualityStocks. QualityStocksBreaks are designed to keep investors up to date on important and breaking news in the small-cap and micro-cap markets. Spanning all industries, including energy, entertainment, telecommunications, healthcare, retail and more, these news breaks deliver opportunities the investment community may have missed. Whether it is earnings results, mergers and acquisitions, or any other market-moving news, our news breaks keep you in the know. QualityStocks is committed to connecting subscribers with companies that have huge potential to succeed in the short and long-term future. It is part of our mission statement to help the investment community discover emerging companies that offer excellent growth potential.