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Tag Archives: Xanthic Biopharma

Xanthic Biopharma Completes Acquisition of Nevada Organic Remedies

Sept. 7, 2018 /CNW/ - Xanthic Biopharma Inc. (formerly Aurquest Resources Inc.) ("Xanthic" or the "Company") (CSE: xTHC) is pleased to announce that it has completed the previously announced acquisition (the "NOR Acquisition") of Nevada Organic Remedies LLC ("NOR"). The NOR Acquisition was completed on September 4, 2018 for aggregate consideration of US$56.75 million (the "Purchase Price").  The Purchase Price was satisfied by GGB Nevada LLC ("GGB Nevada"), a subsidiary of Xanthic, by payment of a US$2 million deposit on July 16, 2018 (the "NOR Deposit"), a closing cash payment of US$30.47 million (the NOR Closing Payment") and delivery of a secured promissory note (the "NOR Note") in the principal amount of US$21.565 million. The balance of US$2.715 million owing to NOR's members will be satisfied by the issuance of common shares of the resulting issuer (the "Resulting Issuer") following completion of Xanthic's previously announced proposed business combination (the "Business Combination") with Green Growth Brands Ltd ("GGB").
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