Sunniva and Cura-Can Health have announced the closing of the previously reported sale of Sunniva's wholly-owned subsidiary, Natural Health Services on December 18, 2019. "The original share purchase agreement dated September 10, 2019 was amended and restated to set out a revised transaction structure under which Cura-Can, instead of its wholly-owned subsidiary, The Clinic Network Canada acquired NHS," the team with the company explains. "Pursuant to the Transaction, Cura-Can paid a purchase price of CA $9,000,000 comprised of CA $250,000 in cash and CA $8,750,000 of security consideration through the issuance of 7,000,000 Class A common shares of Cura-Can. Sunniva is entitled to certain conversion rights for the Cura Shares based on Cura-Can's ability to effect a liquidity event for TCNC. The Consideration replaces the prior consideration for NHS pursuant to the Original Agreement of CA $4,500,000 million in cash and CA $4,500,000 million of security consideration through the issuance of 4,500,000 preferred shares of TCNC."
Dr. Anthony Holler, Sunniva's Chairman and CEO stated "This sale has been part of our ongoing process to dispose of our Canadian assets. We are pleased to have finalized this transaction with Cura-Can as we believe that these assets fit very well into TCNC's platform for the delivery of chronic pain treatment."