Leo Resources Inc. (LEO:CSE; FSE: L00) has completed its previously announced acquisition of Green Life Clinics Ltd. (“GLC”). Leo Resources Inc. also has changed its name to “Global Health Clinics Ltd.”.
Leo previously paid to GLC $3,225,000 in cash. Following completion of the Acquisition, the Company now has 49,438,911 issued and outstanding common shares.
VANCOUVER, Aug. 27, 2018 /CNW/ – Leo Resources Inc. (LEO:CSE; FSE: L00) (“Leo” or the “Company”) is pleased to announce that, further to its press releases dated May 9, 2017, July 7, 2017, July 4, 2018 and August 10, 2018, the Company has completed its previously announced acquisition of Green Life Clinics Ltd. (“GLC”) through the amalgamation of GLC with a wholly owned subsidiary of the Company (the “Acquisition”). The Company has also changed its name from Leo Resources Inc. to “Global Health Clinics Ltd.”. The Company expects to commence trading on the Canadian Securities Exchange (“CSE”) on August 29, 2018 under the symbol “MJRX”. The company will also update their Frankfurt trading symbol once available.
As previously announced, under the provisions of the Acquisition, the Company completed a threecorner amalgamation with GLC and its wholly owned subsidiary 1125076 B.C. Ltd. (the “Amalgamation”), which was incorporated for the purposes of completing the Amalgamation.
Under the Amalgamation, the shareholders of GLC received one common share of Leo for each GLC share held, resulting in the aggregate issuance of 18.6 million Leo shares. Leo previously paid to GLC $3,225,000 in cash which funds were utilized by GLC to repay shareholder loans incurred in relation the GLC’s acquisition of MCRCI Medicinal Cannabis Resource Centre Inc. (“MCRCI”) and Patient Access Pavilions Ltd.
The entity resulting from the Amalgamation is now a wholly owned subsidiary of the Company.
Following completion of the Acquisition, the Company now has 49,438,911 issued and outstanding common shares. Assuming that all of the outstanding warrants of the Company were exercised, the Company would have 66,414,888 common shares outstanding on a fully diluted basis.
Details of the Acquisition are contained in the Company’s listing statement dated August 22, 2018 which will be filed on the Company’s profile on www.sedar.com and the website of the CSE at www.thecse.com.
Changes to Board and Management
Following the completion of the Acquisition, Usama Chaudhry resigned as President and Chief Executive Officer of the Company and as director and each of Konstantin Lichtenwald and Ken Tollstam resigned as a director.
Terry Roycroft, President and a founder of MCRCI has been appointed as the Company’s President and CEO and Anthony Jackson has been appointed as the Company’s Chairman. Adrian Makuch has been appointed as corporate secretary and Konstantin Lichtenwald remains as the Company’s Chief Financial Officer.
The Company’s board of directors has been reconstituted and now comprises, Terry Roycroft, Anthony Jackson, David Schmidt, Sarah Donald, Stanley Iu, Stephanie Liu and Suzette Ramcharan.
For further information:
Global Health Clinics Ltd.,
CO: Leo Resources Inc
CNW 16:01e 27-AUG-18