Ravencrest closes Alberta Green Biotech acquisition

September 29, 2017

On September 29, 2017, RavenQuest Biomed Inc., formerly Ravencrest Resources Inc. (CSE: RVT) (the “Company”), announced that it had completed the acquisition of approximately 99.23% of the issued and outstanding common shares of Alberta Green Biotech Inc. (“AGB”). AGB is an Alberta company which has applied to become a licensed producer of cannabis for medical purposes under the Access to Cannabis for Medical Purposes Regulations.

As consideration for the acquisition of the AGB shares, the Company issued an aggregate of 8,533,612 common shares of the Company to the holders of the AGB shares on the basis of 0.143015519 common shares of the Company for every one common share of AGB. The Company also acquired 400,000 outstanding options to acquire common shares of AGB, representing all of the outstanding convertible securities of AGB, in consideration for share purchase warrants entitling the holders to acquire 57,206 common shares of the Company at a price of $3.49 per share until September 4, 2020.

Miller Thomson advised AGB in this transaction with a team led by Alex Lalka (corporate/M&A) and Sandra Gogal (cannabis/regulatory), and that included Rhea Solis, Corey Yermus and Dan Doliner (corporate/M&A).