Eviana Health Corporation (“Eviana”. the “Company”) is pleased to announce a term sheet has been signed for a proposed transaction (the “hemp transaction”) whereby a wholly-owned Eviana subsidiary is to sell 155 metric tonnes (prior to sorting or initial processing) of industrial hemp located in Mladenovo, Serbia (the “hemp assets”) currently in inventory, to ICC International Cannabis Corp).
As consideration for the purchase of the hemp assets, ICC will issue 26,081,287 of its shares at a deemed price of US$0.35 per share, one-third of which will be subject to a four month and a day hold period, one-third to an eight month hold period, and the final third to a 12 month hold period,
The hemp transaction is conditional on the parties entering into an advisory services agreement whereby ICC will provide certain distribution and branding services to Eviana, an extraction tolling agreement whereby Eviana will convert the hemp assets into CBD concentrate, and the hemp transaction closing on or before March 31, 2019.
Access Alternative Group S.A. advised on the transaction on behalf of Eviana.