May 23, 2023 By Grow Opportunity Staff
(Globe Newswire) Vancouver — Further to its news releases issued on April 6, 2021 and September 8, 2021, Agra Ventures Ltd. has received a portion of the final earnout milestone payment from Organigram Holdings Inc. on May 19, 2023. The final earnout milestone payment is related to the previously announced sale of Edibles & Infusions Corp. to OGI by a group of stakeholders including but not limited to the company.
AGRA received approximately $1.034 million of the FEMP, $5.0 million of which was paid to the vendors of EIC in the form of OGI common shares. Specifically, AGRA received 1,642,540 shares of OGI via the direct registration system. The portion of earnout shares were issued at the price of $0.629476, which is the five-day volume weighted average price of OGI’s common shares on their date of issuance. The FEMP was triggered upon the EIC business successfully generating $15,000,000 in net revenue during the 12 months ended December 31, 2022.
Up to an additional $2.0 million in earnout shares may be subsequently received by AGRA, subject to the outcome of outstanding contractual matters relating to the EIC divestiture. Information related to the receipt of a material level of additional earnout shares will be announced by the company via news release in due course.
“The achievement of the final earnout milestone and the receipt of the Earnout Shares is a testament to the high quality of the EIC asset and its associated business that was divested of by the vendor group. This portion of the final earnout milestone payment enhances AGRA’s current asset position and enables the company to continue on its current path.” – Nick Kuzyk, CEO & director of Agra Ventures
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