VANCOUVER, British Columbia, Nov. 14, 2018 (GLOBE NEWSWIRE) -- Veritas Pharma Inc. (CSE: VRT; OTC: VRTHF; and Frankfurt: 2VP) (“Veritas” or the “Company”) is pleased to announce that it has entered into a binding share purchase agreement (the “Agreement”) to sell 100% of the outstanding common shares of Sechelt Organic Marijuana Inc. (“Sechelt”) to Leis Industries Limited (“Leis”). The Company previously announced on September 13, 2018 that it had entered into a Non-Binding Letter of Intent (“LOI”) with Leis.
Under the terms of the Agreement, Leis will acquire all of the issued and outstanding Sechelt common shares for an aggregate purchase price of $350,000. Leis will advance $180,000 to Veritas within the next 24 hours and the remaining $170,000 is payable in shares that are to be released upon the receipt of an occupancy permit post-construction.
The completion of the Sechelt sale is subject to several conditions, including:
- Receipt of regulatory approval, including a change of Leis’ business;
- Compliance by the parties to the share purchase agreement with all covenants and agreements in such agreement; and
- Other conditions precedent set forth in the share purchase agreement.
Completion of the Sechelt sale is subject to a number of conditions, including CSE acceptance. There can be no assurance that the Sechelt sale will be completed as proposed or at all.
About Veritas Pharma Inc.
Veritas Pharma Inc. is an emerging pharmaceutical and IP development company, who, through its 100% owned subsidiary Cannevert Therapeutics Ltd. (“CTL“), is advancing the science behind medical cannabis. It is the Company’s aim, through its investment in CTL, to develop the most effective cannabis strains (cultivars) specific to pain, nausea, epilepsy and PTSD, solving the critical need for clinical data to support medical marijuana claims. CTL’s unique value proposition uses a low-cost research and development model to help drive shareholder value, and speed-to-market. Veritas’ investment in CTL is led by a strong management team, bringing together veteran academic pharmacologists, anesthetists & chemists. The company’s commercial mission is to patent protect IP (cultivars & strains) and sell or license to cancer clinics, insurance industry and pharma, targeting multi-billion-dollar markets according to Deloitte’s Insights and Opportunities.
Veritas Pharma Inc. is a publicly traded company in Canada, on the Canadian Stock Exchange under the ticker VRT; in the United States, on the OTC under the ticker VRTHF; and in Germany, on the Frankfurt exchange under the ticker 2VP.
For more information, please visit our website: veritaspharmainc.com
On behalf of the Board of Directors
"Dr. Lui Franciosi"
Dr. Lui Franciosi
President and Chief Executive Officer
Further information about the Company is available on our website at www.veritaspharmainc.com or under our profile on SEDAR at www.sedar.com and on the CSE website at www.thecse.com.
Investor and Public Relations Contact
Veritas Pharma Inc.
The CSE has not reviewed, nor approved or disapproved the content of this press release.