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INDUSTRIAL HEMP

Canadian Cannabis Corp (OTCMKTS:CCAN) Executes Revised Settlement Deal For Assets Sale Of The Clinic Network Inc.

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Canadian Cannabis Corp (OTCMKTS:CCAN) has finalized a Revised Settlement Agreement leading in the settlement of certain open debts and other financial dues of the firm and its affiliates, collectively, the “Debts”, owed to certain creditors.

The details

As stated by the deal, in partial consideration for the debts satisfaction, Canadian Cannabis has assigned certain assets of its 100% owned subsidiary named The Clinic Network Inc. As additional consideration, TCN and CCAN will also finalize restrictive covenant agreements stopping it from competing with the segment represented by the respective assigned TCN assets. The deal also places other dues on CCAN in regard to its reporting responsibilities with the SEC and performing an effective financing for a Canadian firm as needed by the creditors. The meeting of the Debts, closure of associated deals, and release of the firm from the creditor claims are conditional on the firm successfully doing the financing for the Canadian firm.

Canadian Cannabis reported that under the deal, upon closing 1.75 million shares of Cura-Can Health Corp. shall be submitted with the Escrow Agent as deal consideration, at which time either of two closings will occur and the transfer of the TCN assets completed. After required payments and related, estimated costs under the deal it is projected that TCN may realize net proceeds from the Cura Can shares sale of approximately CAD $250,000.

In addition, Canadian Cannabis has been granted an alternative from Cura Can to buy up to an additional 3 million Common Shares of Cura Can at $1 per Common Share up until the close of February 28, 2018.

In the last trading session, the stock price of Canadian Cannabis declined more than 3% to close the day at $0.6872. The decline came at a share volume of 585,554 compared to average share volume of 348,762.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of MMJReporter.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure

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