Menē Inc. Announces Signing of Asset Purchase Agreement
TORONTO, Aug. 11, 2022 (GLOBE NEWSWIRE) -- Menē Inc. (TSX-V:MENE) (US:MENEF) (“Menē” or the “Company”), an online 24 karat jewelry brand, is pleased to announce it has signed an arm’s length asset purchase agreement (the “Purchase Agreement”) to purchase substantially all of the assets of a manufacturing facility in the United States.
On July 5, 2022, the Company entered into the Purchase Agreement pursuant to the which, the Company shall acquire substantially all rights, title and interest in all of the assets, properties and rights used in connection with the operation of the manufacturing facility.
Pursuant to the terms of the Purchase Agreement, the total consideration payable by the Company is US$1,000,000, payable at closing of the Purchase Agreement as follows: (i) US$500,000 payable in cash, and (ii) US$500,000 (based on the close of business exchange rate reported by the Bank of Canada on the day prior to the date of issuance) by the delivery of 1,206,583 common shares of the Company (the “Compensation Shares”) at a deemed price of CDN$0.5332 per Compensation Share. The Compensation Shares shall be subject to a statutory hold period commencing on closing of the Purchase Agreement which shall expire on the date that is four months and one day following closing.
The closing of the Purchase Agreement is subject to closing conditions and the receipt of all applicable regulatory approvals including the approval of the TSX Venture Exchange.
About Menē Inc.
Menē crafts pure 24 karat gold and platinum jewelry that is transparently sold by gram weight. Through mene.com, customers may buy jewelry, monitor the value of their collection over time, and sell or exchange their pieces by gram weight at prevailing market prices. Menē was founded by Roy Sebag and Diana Widmaier-Picasso with a mission to restore the relationship between jewelry and savings. Menē empowers consumers by marrying innovative technology, timeless design, and pure precious metals to create pieces which endure as a store of value.
For more information about Menē, visit mene.com.
Media and Investor Relations Inquiries:
Chief Financial Officer
+1 289 748 3702
This news release contains certain “forward-looking information” within the meaning of applicable Canadian securities laws that are based on expectations, estimates and projections as at the date of this news release. Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information.
This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time it was made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others; an inability to close the Purchase Agreement or meet its obligations thereunder; an inability to receive applicable regulatory approvals for the Purchase Agreement; an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 and other infectious diseases presenting as major health issues on the price of precious metals, capital market conditions, restriction on labour and international travel and supply chains; failure to comply with environmental and health and safety laws and regulations; operating or technical difficulties in connection with the manufacture, sale and distribution of jewelry; actual audited results differing from reported unaudited results; global economic climate; dilution of the Company’s shares; the Company’s limited operating history; future capital needs and uncertainty of raising capital; the competitive nature of the jewelry industry; currency exchange risks; the need for the Company to manage its planned growth and expansion; the effects of product development and need for continued technology and manufacturing change; protection of proprietary rights; the effect of government regulation and compliance on the Company and the industry; network security risks; the ability of the Company to maintain properly working systems; theft and risk of physical harm to personnel; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; and volatile securities markets impacting security pricing unrelated to operating performance. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.