TORONTO, ONTARIO / ACCESSWIRE / July 23, 2019 / MPX International Corporation (“MPX International”, “MPXI” or the “Company”) (CSE: MPXI; OTC PINK: MPXOF) is pleased to announce that it has acquired the remaining interest of MPX Australia Pty Ltd (“MPX Australia”) on July 22, 2019 for a total purchase price of up to $4,000,000 to be satisfied by the issuance of up to 7,145,559 common shares in the capital of MPXI (“MPXI Shares”) as follows:
- 2,689,189 MPXI Shares ($1,250,000) at a price of $0.46 per MPXI Share upon the granting of the Cannabis License (as defined below) (“Milestone #1”);
- 2,151,351 MPXI Shares ($1,250,000) at a price of $0.58 per MPXI Share upon the completion of the Launceston Facility (as defined below), being the issue of an occupancy certificate by a governmental entity (“Milestone #2”); and
- 2,305,019 MPXI Shares ($1,500,000) at a price of $0.65 per MPXI Share upon the earliest of: (i) the first successful harvest; (ii) the first material export; or (iii) immediately prior to the closing or occurrence of a change of control of the Company (“Milestone #3”).
In addition, the Company will issue 327,123 MPXI Shares at a price of $0.46 per MPXI Share to satisfy the principal as well as the accrued and unpaid interest on a loan incurred by MPX Australia from the lender in the aggregate amount of $152,054.88 (the “Loan Conversion Amount”).
MPX Australia has applied to the Australian Office of Drug Control for a medicinal cannabis license (cultivation and production) in Australia in accordance with the Narcotic Drugs Act 1967 (Cth) (the “Cannabis License”) and is in the process of designing a facility in Tasmania, Australia (the “Launceston Facility”).
The acquisition of the remaining interests in MPX Australia is another milestone for our international expansion strategy that will provide MPX International with access to the growing Australian market and will also serve as our gateway into the Asian markets.
W. Scott Boyes, Chairman, President and CEO of MPX International
With the continued execution of our international expansion plans in 7 international jurisdictions, we are positioning MPX International to lead the international market and drive diverse and sustainable revenue.
About MPX International Corporation
MPX International Corporation is focused on developing and operating assets across the global cannabis industry with an emphasis on cultivating, manufacturing and marketing products which include cannabinoids as their primary active ingredient.