Simply Better Brands Reports Letter of Intent to Acquire BRN Group
Dec 9, 2021 By MarketDepth
Simply Better Brands (TSX-V: SBBC) (OTCQB: PKANF) has reported entry into a nonbinding letter of intent to acquire The BRN Group Inc. on December 9th, 2021. Under the terms, the company will acquire all of the issued and outstanding common shares of BRN for USD 10,000,000 payable in fully paid and non-assessable common shares of SBBC at a value equal to the 15-trading day volume weighed average trading price of shares on the TSX Venture Exchange in the 15 days prior to the closing date.
Conditions Need to be Met
Closing of the transactions of note will be subject to certain conditions such as completion and delivery to SBBC of annual audited financial statements of BRN, retention of key personnel and that BRN have at the closing date, no less than USD 4,000,000 cash or cash equivalents on hand. Kathy Casey, CEO of SBBC said, “The acquisition of the BRN Group Inc. is a good opportunity for our company for two key reasons: it expands our wellness product portfolio with the addition of the Seventh Sense brand enabling us to meet the needs of a more diverse consumer target and it also brings additional capital to fuel our growth. We plan to use our business model to capture synergies across our online ecommerce platform and supply chain to drive additional value for our shareholders.”