Mojave Jane Brands (OTCMKTS:HHPHF) has signed a letter of intent for the acquisition of 100% interest in Pacific Crest 4 LLC. This includes property lease, licenses, extraction equipment as well as operations located in Adelanto, California. The company hopes to close the transaction by the end of this month or early December.
Mojave to acquire Pacific Crest for $1.2 million
Terms of the transaction indicate that Mojave will pay around $500,000 upfront in cash and also enter a secured convertible debenture note of $700,000 for one year with the sellers. The convertible note will have a 10% interest rate per year payable monthly. The convertible into Mojave shares will be priced at the market stock price on the day before the completion of the transaction.
With the Adelanto property sitting on 4,000 sq. ft., Mojave will have sufficient space to expand its operations. This includes licensed production of third party brands and products for companies such as Health and Innovation with which they have an exclusive agreement. The team at the property will be part of the Mojave team once the transaction is completed.
The Pacific Crest facility has the right infrastructure that Mojave will leverage it to combine the CO2 extraction and the wiped film distillation equipment. This will enable Mojave to expand its portfolio and supply manufacturing raw material for Caligold bars and also launch new brands.
CB Asset management transaction backfired
The company’s proposed transaction of CB Asset management is yet to be finalized. Mojave announced the transaction in June 2019, but ensuing due diligence revealed that the company could spend considerably on the CBAM facility for it to meet its requirements. Mojave could not complete the transaction because CBAM assets were valued significantly lower.
The company has also indicated that it has uplisted; it’s trading to OTCQB Venture Market from OTC Pink Open Market. The uplisting offers the company enhanced visibility in the shares market. According to CEO Gary Latham, the uplisting comes after the company’s efforts to comply. It is an opportunity for the company to attract a new class of investors to enable it.
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