RavenQuest Announces Letter of Intent to Purchase Western Agripharma Ltd.
VANCOUVER, British Columbia, June 06, 2018 (GLOBE NEWSWIRE) — RavenQuest BioMed Inc. (CSE:RQB) (the “Company” or “RavenQuest”) is pleased to announce that it has entered into a binding letter of intent with Western Agripharma Ltd. (“Western Agripharma”) and 0929476 B.C. Ltd. (“NumberCo”) in pursuit of a transaction involving the acquisition of all the outstanding share capital of Western Agripharma and a fifteen (15) acre parcel of land (the “Property”) held by NumberCo.
Western Agripharma is a late stage applicant with Health Canada in the development of a 125,000 square foot facility, purpose-built for the production of cannabis in Port Mellon, on British Columbia’s Sunshine Coast. Western Agripharma also owns 23.75 % of Atlantic Cannabis Corp. which intends to build a 50,000 square foot facility and holds an additional 120 acres in early stage application on Nova Scotia’s Cape Breton Island.
Under the terms of the letter of intent, RavenQuest proposes to acquire all of the share capital in Western Agripharma and the Property in consideration for 4,335,294 common shares of RavenQuest at a deemed price of $0.85 per share.
This acquisition adds the important British Columbia market to our growing presence in key markets across Canada. RavenQuest will have state of the art licensed cannabis facilities in Ontario, Alberta and British Columbia, the three most dynamic cannabis markets in Canada.
George Robinson, CEO of RavenQuest
The Western Agripharma facility will produce 25,000 kilograms annually, meaning RavenQuest’s planned projects will combine to produce 51,000 kilograms annually at build out,” Robinson continued. “As we often emphasize, our proprietary grow methodologies allow 125,000 square of grow space to feel like two or three times that footprint, when you factor in what our Orbital Gardening can produce in grams-per-square-foot.
Kevin Smith, President & CEO of Western Agripharma, noted, “Working with RavenQuest means working with the best. Their team of consultants brings a knowledge of facility design, grow methodology and plant science that in our experience is unparalleled anywhere in the industry. We believe it’s important to work with those who have a scientific basis in everything they do. RavenQuest is the leader on that front, and we are thrilled to join an organization that understands the importance of science and the cannabis plant.”
Completion of the acquisition of Western Agripharma and the Property is subject to a number of conditions, including, but not limited to, negotiation of definitive documentation in respect of the acquisitions, and the receipt of any required regulatory approvals. The acquisitions cannot be completed until these conditions are satisfied, and there can be no assurance that either of the acquisitions will be completed at all.
About RavenQuest BioMed Inc.
RavenQuest BioMed Inc. is a diversified publicly traded cannabis company with divisions focused upon cannabis production, management services & consulting and specialized research & development.