Khiron Life Sciences Announces Closing of the Sale of Its European Business
Toronto, Ontario--(Newsfile Corp. - November 17, 2023) - Khiron Life Sciences Corp. (TSXV: KHRN) (OTCQX: KHRNF) ("Khiron" or the "Company") is pleased to announce that the Company has completed the sale of its European subsidiaries, being Khiron Europe GmbH ("Khiron Europe"), Zerenia Clinics Limited ("Zerenia UK"), PharmaDrug Production GmbH ("Pharmadrug"), Khiron Life Sciences UK Limited ("Khiron UK") and Khiron Life Sciences Spain SL ("Khiron Spain", and collectively with Khiron Europe, Zerenia UK, Pharmadrug and Khiron UK, the "Subject Subsidiaries", and each, a "Subject Subsidiary") to 2518542 Alberta Ltd. (the "Purchaser"), a company controlled by Avonlea-Drewry Holdings Inc. for an aggregate base purchase price of $3,000,000 (the "Transaction").
Pursuant to the terms of an amended and restated share purchase agreement dated November 15, 2023 between the Company and Purchaser (the "Restated Purchase Agreement"), the base purchase price was partially satisfied by a pre-paid deposit of $500,000 and the prior advance of growth capital in an aggregate amount of $1,450,000 to the Company from the Purchaser. In accordance with the Restated Purchase Agreement, the balance of the purchase price was to be satisfied by way of a three-year, unsecured, non-interest bearing vendor take-back promissory note to be issued by the Purchaser (the "VTB Note"). However, as a result of further adjustments made to the base purchase price for the Subject Subsidiaries' closing working capital and indebtedness, which adjustments were made in accordance with the Restated Purchase Agreement, no further amount of the purchase price was owed and therefore no VTB Note was delivered by the Purchaser upon the completion of the Transaction.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About Khiron Life Sciences Corp.
Khiron is a leading global medical cannabis company with core operations in Latin America. Leveraging wholly owned medical health clinics and proprietary telemedicine platforms, Khiron combines a patient-oriented approach, physician education programs, scientific expertise, product innovation, and focus on creating access to drive prescriptions and brand loyalty with patients worldwide. The Company is led by its co-founder and Chief Executive Officer, Alvaro Torres, together with an experienced and diverse executive team and board of directors.
Contact:
Alvaro Torres
Chief Executive Officer
Tel: +57 17442064
Investor Contact:
E: investors@khiron.ca
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