CALGARY, Alberta, Aug. 03, 2018 (GLOBE NEWSWIRE) -- Sproutly Canada, Inc. (“Sproutly”) (CSE: SPR) (FRA:38G) announced on August 1, 2018 that it had completed the acquisition of Infusion Biosciences Canada Inc. (“Infusion Biosciences Canada”) (the “Acquisition”). Pursuant to the Acquisition, Infusion Biosciences Inc. (“Infusion Biosciences”) was issued 36,857,676 common shares of Sproutly as partial payment of the purchase price.
Immediately prior to the sale, Infusion beneficially owned or exercised control or direction over Nil common shares of Sproutly.
Immediately after the sale, Infusion beneficially owned or exercised control or direction over 36,857,676 common shares of Sproutly, representing approximately 29.74% of the outstanding common shares of Sproutly.
This press release is being issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issuers which requires the issuance of this news release and the filing of an early warning report under Sproutly’s profile on SEDAR (www.sedar.com) containing additional information respecting the forgoing matters. Infusion Biosociences is a company existing under the laws of Canada and has filed that report on SEDAR. A copy of that early warning report may be obtained under Sproutly’s profile at www.sedar.com or Infusion Biosciences Inc. 647.886.8551.
About Sproutly Canada, Inc.
Sproutly is an ACMPR Licensed Producer of cannabis that strives to meet the evolving needs of cannabis consumers across Canada and Europe. Its mission is to become a vertically integrated cannabis consumer products company, bringing together best-in-class cultivation, secure distribution solutions, and advanced technologies to redefine the cannabis industry. Sproutly, through its wholly owned subsidiary, owns and operates a 16,600 sq. ft. production facility located centrally in the Greater Toronto Area utilizing state-of-the-art cultivation technologies and processing methods that meet the standards for producing pharmaceutical grade products. Sproutly’s strategy is focused on developing and deploying novel technologies to formulate and market unique cannabis products in the rapidly evolving consumer market.
For more information on Sproutly please visit www.sproutly.ca.