On December 22, 2016, Relevium Technologies (RLV: CA) announced a binding letter of intent (the “LOI”) to acquire the assets of BioGanix Limited (“BGL”), a privately- held nutraceutical company in Houston, Texas focused on heart, brain, digestive health and joint support products sold through primarily through e-commerce platforms.
On February 1, 2017 the company announced the mutual agreement of the parties to extend the deadlines associated to the transaction.
On February 22, 2017, the Company announced the engagement of WCM Capital (“WCM”) to act as lead agent in a private placement offering with aggregate gross proceeds of up to $7.5 Million on a subscription receipts basis (the “Offering”). The private placement announced comprises of an equity portion and a debt component. The equity issue is comprised of a maximum of 37,000,000 million subscription receipts units at a price of $0.10 per unit, with each unit being comprised of one common share and one warrant at $0.15 with a term of two years (the “Units”). In conjunction with the equity component, the company also announced that it would issue up to $5M in long term debt (“the Debt”), thereby proportionately reducing the equity component to a maximum total offering of $7.5 Million.
Update on the transaction to acquire BioGanix
The Company and WCM Capital are currently engaged in negotiations with prospective debt suppliers and, as requested by them, both the Company and BGL have agreed to provide further accommodations in time so as to allow for the administrative and legal processes required for such financing. The parties have agreed therefore to extend the proposed closing to on or before April 30, 2017.
The definitive terms of the debt financing and closing of equity financing to be announced in a subsequent press release, as applicable.
On March 13, 2017, the Company also announced it had received conditional acceptance from the TSX Venture Exchange (the “Exchange”) for the acquisition of BioGanix. The Company endeavors to work closely with the TSX Venture Exchange and BGL in order ensure an orderly final approval process.
Aurelio Useche, CEO of Relevium Technologies Inc. stated, “Management is working hand-in-hand with WCM Capital and BGL on the concurrent financing and in seeking transaction approval by the TSX Venture Exchange with the objective of closing the acquisition as prompt as possible.” Mr. Useche continued: “We are grateful for the patience and understanding demonstrated by all the parties and the Company’s shareholders for this important transaction. We believe we are setting the stage for a more fluid implementation and execution of future transactions e-Commerce assets”
About Relevium Technologies Inc.
Relevium is a TSXV listed company focused on growth through the acquisition of businesses, products and/or technologies with a focus on e-commerce in the growing health and wellness sector, specifically under three important verticals: Pain Relief, Recovery and Performance. Relevium Technologies Inc. currently holds patented intellectual property for application of static magnetic fields on direct-to-consumer devices, which aid in decreasing pain, improving recovery time and enhancing overall physical performance.
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