BevCanna Closes Naturo Group Acquisition, Announces Debt Settlement And Grant

BevCanna Enterprises Inc. BEV BVNNF is taking over a Canadian producer of beverages and consumer products.

The Vancouver manufacturer of cannabinoid-infused beverages has entered into an amended and restated agreement to acquire Naturo Group Inc.

The move is a step closer to the previously announced closing of the deal, initially scheduled for Jan. 20.

Once the transaction is finalized, Naturo will become BevCanna’s wholly-owned subsidiary.

BevCanna will also own an on-site natural alkaline spring water aquifer, valued at about CA $18 million ($14.1 million).

The acquisition brings to the company a mass-market distribution network of more than 3,000 retail points, as well as Naturo’s beverage facility spanning 40,000 square feet, and a 315-acres of outdoor cultivatable land, to name a few.

As of January, Naturo’s enterprise value ranges between CA$37 million ($28.96 million) to CA $38 million ($29.74 million), according to an independent estimate pricing report, BevCanna cited.

The company expects to close the acquisition within the next ten days.

“BevCanna’s leadership in the cannabis-infused beverage sector and direct to consumer e-commerce business, together with Naturo’s innovative TRACE plant-based mineral beverages and supplements, significant manufacturing & natural resource assets, and extensive distribution network will form the foundation of a unique, market-leading health and wellness company well positioned for long-term growth,” Naturo CEO and founder Marcello Leone said.

Debt Settlement And Grant

Separately, the company reported it has settled a debt amounting to $51,501 that it owned to particular creditors. BevCanna issued some 35,000 common shares of its common shares at $0.90 per Debt Settlement Share and 23,810 Debt Settlement Shares at $0.84 per share.

In addition, the company also disclosed that one of its consultants and one of its directors were granted an aggregate of 100,000 stock options to buy up to 100,000 of its common shares at $1 per share.