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VANCOUVER, British Columbia, Aug. 04, 2020 (GLOBE NEWSWIRE) -- Biome Grow Inc. (CSE:BIO) (CNSX:BIO.CN) (Frankfurt:6OTA) (OTC:BIOIF (“Biome”) is pleased to announce that Biome and MYM Nutraceuticals Inc. (CSE: MYM) (OTC: MYMMF) (“MYM”) have closed the transactions previously announced on July 27, 2020 pursuant to which MYM acquired 100% of Biome’s wholly-owned subsidiary Highland Grow Inc. (“HGI”), which is licensed under the Cannabis Act (Canada) to cultivate, process, and distribute cannabis from its facility located in Antigonish, Nova Scotia.
On Closing MYM paid Biome $1.5 million in cash, and issued it 42,813,985 MYM common shares, representing 19% of the issued and outstanding common shares of MYM. It also issued Biome 132,551,040 Class A Special Shares which are exchangeable into MYM common shares, representing an additional 30% of the issued and outstanding common shares of MYM.
“This transaction will give Biome shareholders exposure to a combined operating platform that has a licensed internal cultivation capacity that is approximately 4X larger than that of Highland Grow Inc’s. The larger combined footprint also allows for greater processing capacity without the need for significant capital expenditure,” stated Khurram Malik, CEO of Biome Grow Inc.
Additional details on the transaction can be found in the joint Biome and MYM press release dated July 27, 2020.
Biome is a Canadian-based company with national and international business interests in the cannabis industry.
ON BEHALF OF THE BIOME BOARD
Khurram Malik, Director,
Biome Grow Inc.
Investor Relations - email@example.com