Menē Inc. announces the signing of an asset purchase agreement
by CM Staff
Menē Inc. purchases a manufacturing facility in the U.S. for $1M.
TORONTO — Menē Inc., an online 24 karat jewelry brand, announces that it has signed an arm’s length asset purchase agreement to purchase substantially all of the assets of a manufacturing facility in the United States.
On July 5, 2022, the Company entered into the Purchase Agreement pursuant to the which, the Company shall acquire substantially all rights, title and interest in all of the assets, properties and rights used in connection with the operation of the manufacturing facility.
Pursuant to the terms of the Purchase Agreement, the total consideration payable by the Company is US$1,000,000, payable at closing of the Purchase Agreement as follows: (i) US$500,000 payable in cash, and (ii) US$500,000 (based on the close of business exchange rate reported by the Bank of Canada on the day prior to the date of issuance) by the delivery of 1,206,583 common shares of the Company (the “Compensation Shares”) at a deemed price of CDN$0.5332 per Compensation Share. The Compensation Shares shall be subject to a statutory hold period commencing on closing of the Purchase Agreement which shall expire on the date that is four months and one day following closing.
The closing of the Purchase Agreement is subject to closing conditions and the receipt of all applicable regulatory approvals including the approval of the TSX Venture Exchange.