Albert Labs, a privately held psychedelic drug developer, signed a letter of intent (LOI) on January 5 to be acquired by ME Resource... Albert Labs inks LOI to undergo reverse takeover of ME Resource in move to expand access to psychedelics

Albert Labs, a privately held psychedelic drug developer, signed a letter of intent (LOI) on January 5 to be acquired by ME Resource Corp (CSE:MEC) (OTC:MEEXF), the latter company announced. 

The LOI is expected to constitute a reverse takeover of MEC by Albert Labs, whereby security holders of Albert become security holders of the new combined entity. Currently, more than 63.6 million common shares of MEC are issued and outstanding, and the plan is to undergo a 10:1 share consolidation as part of the business combination. This would result in roughly 6.3 million shares issued and outstanding.

Additionally, MEC has entered into debt settlement agreements and will issue a total of 3.2 million shares at a price of C$0.50 per share to satisfy its debt. The company also said it expects 37 million post-consolidation shares to be issued to Albert shareholders. That would mean a total of 48.6 million common shares, of which Albert security holders would own 80%.
Read More

MJ Shareholders avatar

MJ Shareholders

MJShareholders.com is the largest dedicated financial network and leading corporate communications firm serving the legal cannabis industry. Our network aims to connect public marijuana companies with these focused cannabis audiences across the US and Canada that are critical for growth: Short and long term cannabis investors Active funding sources Mainstream media Business leaders Cannabis consumers

( ) ( ) ( ) ( ) ( ) ( ) ( ) ( )