Supurva Healthcare Group, Inc. (OTCMKTS:SPRV)
Giorgio Johnson, the Interim CEO and President of Supurva Healthcare Group, Inc. (OTCMKTS:SPRV) has agreed to buy a net revenue interest in a Medicinal Cannabis dispensary with a Canadian firm based in British Columbia. The dispensary has a projected capital cost of $200,000 and is expected to be operational within sixty days of the transaction closing.
Johnson stated that they are delighted to have been presented this investment opportunity which will offer considerable and near-term revenue to the firm. They are witnessing a steady stream of assignments in this rapidly expanding industry and will continue to include skilled personnel in the major areas as they continue to acquire and advance opportunities.
As currently considered, the deal is anticipated to have numerous terms and conditions mentioned below. These terms and conditions are subject to supplement or modification prior to the completion of the deal upon mutual agreement and will be mentioned in mutually acceptable transaction papers on the closing date.
Under these terms and conditions Supurva Healthcare will be released a debenture protected by a senior charge over the present and post-Closing resources of the Dispensary. The principle amount is stated at $200,000. The principle sum of the debenture, known after the coupon payment, shall be 2 years from the Closing Date. As per the applicable guidelines, the coupon rate is 12% per annum.
Before the principle sum of the Debenture is reimbursed Supurva shall have an 80% net revenue stake in the Dispensary. After the principle sum of the Debenture is repaid, the company shall have a 49% net revenue stake in the Dispensary. Closing of the deal is anticipated to occur on March 31, 2017.
Closing is based upon satisfaction of certain terms and conditions to be noted in the Transaction Documents. This closing conditions will be customary for a deal of this nature, including company’s gaining credit and other internal agreements.© Copyright 2016 OTC News Magazine. All rights reserved.