On July 17, 2018, Scythian Biosciences Corp. (TSXV: SCYB) (Frankfurt: 9SB) (OTC – Nasdaq Intl: SCCYF) announced that it had entered into a strategic deal with Aphria Inc. (TSX: APH) for Aphria to acquire Scythian's Latin American and Caribbean assets.
Pursuant to a definitive share purchase agreement, Aphria will acquire 100% of the issued and outstanding common shares of LATAM Holdings Inc., a direct, wholly-owned subsidiary of Scythian, which following the closing of previously announced transactions will own licenses and other assets held through subsidiaries in Argentina, Colombia and Jamaica (the "Target Corporations").
Scythian will also grant Aphria a right to purchase from Scythian up to 90% of the issued and outstanding common shares of an entity in Brazil (which Scythian is currently seeking to acquire) at terms to be agreed upon.
Aphria will issue $193 million in shares to Scythian and assume US$1 million in aggregate liabilities of the Target Corporations owing to Scythian.
The transaction is subject to a number of other closing conditions.
Aphria is a leading global cannabis company headquartered in Leamington, Ontario. Scythian is an international cannabis company with a focus on the world's leading markets outside of Canada.
Gowling WLG is counsel to Scythian with a team that includes Peter Simeon, Kathleen Ritchie, Josh Almario, Susana Fonseca and Amanda Stevens (corporate) and Steven Baum (tax)
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