Roto-Gro International Announced Acquisition in Canada

  • Oct 31, 2019 AEDT
  • Team Kalkine

Roto-Gro International Limited (ASX: RGI) has announced an acquisition of a majority interest, and September quarterly activities report. It is acquiring 51% of the capital stock in Medicinal Compassion CanniFarms Inc in Canada.

  • The target company is an applicant for Health Canada Cultivation and Processing Licenses.
  • Consideration is $110k cash and $7.425 million Roto-Gro shares at $0.2475 per share, conditional on target company receiving license (share-consideration).
  • In September quarter, the company completed commissioning of Oakum Cannabis Corporations’ vertically integrated RotoGro facility.

By 1:20 PM AEST, RGI was trading at $0.175, up by 12.91% relative to the previous close.

 

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