Sensor Technologies would like to provide an update on its proposed acquisition of all of the issued and outstanding securities in the capital of EmersonGrow Technology. Further to Sensor's press releases of January 20, 2020, February 1, 2021, March 18, 2021, April 6, 2021 and June 7, 2021, EmersonGrow has delivered to Sensor its updated financial information for its year ended July 31, 2020. Sensor is currently conducting its financial due diligence and has requested additional information from EmersonGrow.
As previously reported, the parties have agreed to amend the purchase price from $20 million to $15 million. The amended purchase price will be satisfied through the issuance of an aggregate of 100,000,000 common shares in the capital of Sensor at a deemed price of $0.15 per share. In addition, the closing of the proposed acquisition will be conditional on the closing of a private placement for minimum aggregate proceeds of $1 million, the terms of which will be agreed to by Sensor and EmersonGrow.
Sensor and the shareholders of EmersonGrow have not yet executed a definitive agreement with respect to the Proposed Acquisition and there can be no assurance that that the parties will execute a definitive agreement or that the proposed acquisition will be completed on the terms agreed to or completed at all.
The entering into of the definitive agreement will be considered a fundamental change under Policy 8 of the Canadian Securities Exchange and, as such, will subject to all of the requirements of Policy 8 including, but not limited to, CSE and shareholder approval.
For more information: