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by Stockwatch Business Reporter
The TSX Venture Exchange added 7.43 points to 699.49 Wednesday. Georges Durst's halted NEX shell, Saratoga Electronic Solutions Inc. (SAR), has signed a definitive agreement to acquire Abba Medix Corp., a hopeful medical marijuana producer with a facility in Southeastern Ontario.
Saratoga, which has 18,461,300 shares outstanding, will issue 42,780,064 shares to the shareholders of Abba Medix and then resume trading on the Canadian Securities Exchange. Abba Medix does not yet say who will receive the shares, but its founder and chief executive officer, Ray Rasouli, will likely be one of the larger recipients. He will join the board of Saratoga and take over as CEO when the deal closes. It will be his first time on the board of a public company in Canada. Abba Medix will also nominate two other directors, Paul Cancilla, a Toronto lawyer, and Nick Migliore, the owner of a security and risk management company in Toronto. Their experience, particularly Mr. Migliore's background in security, would come in handy for any medical marijuana company. Abba Medix says that in November, 2013, it applied for a licence to produce medical marijuana under Health Canada's new MMPR policy, but it has yet to receive its licence.
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