Nutritional High Enters Into Asset Purchase Agreement in Washington
TORONTO, Jan. 03, 2019 (GLOBE NEWSWIRE) — Nutritional High International (“Nutritional High” or the “Company”) (CSE: EAT, OTCQB: SPLIF, FRANKFURT:2NU) is pleased to announce that it has entered into an Asset Purchase Agreement (the “Agreement”), as amended on December 26, 2018, between its wholly-owned Nevada subsidiary (the “Subsidiary”), and a Washington limited liability company (the “Seller”), pursuant to which the Subsidiary will acquire assets and certain IP brands from the Seller.
The purchase price of US$3,675,000, will be settled as follows:
US$150,000 deposit (paid), which shall be refundable if closing does not occur;
US$525,000 cash due on closing; and
US$3,000,000 in common shares of the Company (the “Shares”) to be issued as follows: US$2,000,000 in Shares upon closing, US$500,000 in Shares on the date that is six months after closing, and US$500,000 in Shares on the date that is nine months after closing. Subject to the policies of the CSE, the Shares will be issued based on a 20-day VWAP of the Shares prior to the date of each issuance.
The Agreement supersedes the binding LOI that the Company entered on August 10, 2018 with the Seller. The closing is subject to third party approvals which the Company expects to be forthcoming. More details will be provided once third party approvals are secured and a closing date is determined.