LAS VEGAS, Nov. 5, 2018 /PRNewswire/ – Australis Capital Inc. (CSE: AUSA) (“Australis” or the “Company”) is pleased to announce that the Company has completed its previously announced investment in Body and Mind Inc. (CSE: BAMM, USOTC: BMMJ) (“BaM”) and acquisition of Rthm Technologies, Inc. (“Rthm”).
BaM is a publicly traded company with numerous years of experience as one of Nevada’s first medical cultivators, producers and brands. BaM has recently expanded into Ohio and invests in high quality medical, recreational cannabis cultivation and production and retail. Pursuant to the terms of its investment, Australis acquired (i) 16,000,000 units of BAM, each comprised of one common share and one common share purchase warrant, at a purchase price of $0.40 per unit for $6,400,000, and (ii) $1,600,000 principal amount 8% unsecured convertible debentures of BaM maturing two years following the date of issue.
Rthm is a private company that has developed a complete suite of proprietary technology including advanced heart rate tracking and analysis algorithms and comprehensive circadian rhythm mapping techniques, which is among the most advanced digital health platforms in the world. Pursuant to the terms of the Rthm acquisition, the Company has paid the following consideration to the shareholders of Rthm: (a) CAD $800,000 in cash payments, (b) an aggregate of 1,742,611 common shares of Australis, and (c) and aggregate of CAD $200,000 in promissory notes, which become payable upon certain patents being granted to Rthm. In addition, the Company will issue common shares of Australis to the shareholders of Rthm with an aggregate value of CAD $1,250,000 upon the achievement of certain milestones.
For additional information relating to the Rthm and BaM transactions, please see the Company’s news releases dated October 29th and 30th, 2018, respectively.
About Australis Capital Inc.
Australis Capital identifies and invests in the cannabis industry predominately in the United States, a highly regulated, fragmented, rapidly expanding and evolving industry. Investments may include and are not limited to equity, debt or other securities of both public and private companies, financings in exchange for royalties or other distribution streams, and control stake acquisitions. Australis Capital adheres to stringent investment criteria and will focus on significant near and mid-term high-quality opportunities with strong return potentials while maintaining a steadfast commitment to governance and community. Australis Capital’s Board, Management and Advisory Committee members have material experience with, and knowledge of, the cannabis space in the U.S., extensive backgrounds in highly regulated industries, adherence to stringent regulatory compliance, public company and operational expertise. In addition to the Company’s expertise and strong execution on strategic M&A, which to date includes Body and Mind Inc. and Rthm Technologies Inc., Australis has developed strategic partnerships with companies such as Wagner Dimas.
Australis’ Common shares trade on the CSE under the symbol “AUSA”.
For further information about Australis, please visit the website at ausacap.com or contact the Company by e-mail at firstname.lastname@example.org.