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.