15:08:01 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Arev Brands International Ltd
Symbol AREV
Shares Issued 45,834,209
Close 2019-01-18 C$ 0.305
Market Cap C$ 13,979,434
Recent Sedar Documents

Arev Brands to acquire 27.38 acres in B.C. for $1.21M

2019-01-18 06:16 ET - News Release

Mr. Mike Withrow reports

AMENDED: AREV BRANDS INTERNATIONAL LTD. ANNOUNCES PURCHASE AGREEMENT TO ACQUIRE REAL PROPERTY IN SORRENTO, BRITISH COLUMBIA

Arev Brands International Ltd. has signed a purchase and sale agreement dated Jan. 17, 2019, with MJ Laboratories Ltd., subject to pending Canadian Securities Exchange approval, to acquire a 100-per-cent interest in two parcels of rural residential/agricultural properties located along Blind Bay Road and the Trans-Canada Highway in Sorrento, B.C. The purchase price is at the appraised value of $1,215,000 of which $523,943 of the purchase price is payable by way of a convertible debenture issued by the company accruing interest at 8 per cent per annum and the balance has been paid in cash. The outstanding principal amount and outstanding accruing interest of the convertible debenture shall be convertible into common shares of the company at the price of 30 cents per common share.

The property, located in Sorrento, B.C., comprises 13.33 acres north of the Trans-Canada Highway and 14.08 acres south of the Trans-Canada Highway. Arev has spent the last year preparing this 27.38-acre site for breeding, cultivation and processing medicinal plants. The site has been prepped to partner with Eastern companies looking to expand to the west.

Mike Withrow is a director of both the company and MJ and an owner of the majority of the equity of MJ and is considered to be a related party within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions and such transaction is considered to be a related-party transaction but is exempt from the valuation and minority shareholder approval requirements thereunder by virtue of the exemptions contained in sections 5.4 and 5.7 in that the company is not listed on specified markets and the fair market value of the consideration is less than 25 per cent of the company's market capitalization.

About Arev Brands International Ltd.

Arev Brands produces and delivers functional compounds and ingredients from its world-class extraction systems. Arev is revolutionizing the current delivery method of terpenes, cannabinoids and flavonoids. These premium ingredients and formulations are used in products targeted for sale in the natural health, medical, functional food, nutraceutical, sport nutrition and bioceutical markets. Arev innovates through extraction to produce extracts from specific selected plant and exude from trees that address five areas of health, including anxiety, pain management, insomnia, central nervous system disorders and libido.

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