The Supreme Cannabis Company has closed the acquisition of all of the issued and outstanding shares of privately-held Truverra. According to the company, the Transaction was completed by way of a three-cornered amalgamation pursuant to which 2708300 Ontario Ltd., a wholly-owned subsidiary of Supreme Cannabis, amalgamated with Truverra to form a newly amalgamated company ("Amalco") which shall operate under the name "Truverra Inc." as a wholly-owned subsidiary of the Company. Consideration for the Transaction consisted of the issuance of approximately 14.7 million common shares of Supreme (the "Consideration Shares") to shareholders of Truverra (the "Truverra Shareholders"). The Transaction was previously announced by Supreme Cannabis on July 17, 2019.
Truverra Shareholders holding approximately 59% of the Consideration Shares (the "Principal Shareholders") are subject to voluntary lock-up agreements (the "Lock-Up Agreements") in connection with the closing of the Transaction whereby 50% of the Considerations Shares held by the Principal Shareholders will be subject to restrictions on sale until released under the terms of the Lock-Up Agreements on the 12-month anniversary of the closing date of the Transaction.