Bright Green Corporation has signed a letter of intent ("LOI") with Alterola Biotech Inc. Bright Green will initially purchase 25% of the issued and outstanding common stock of Alterola for total consideration of $4 million and will receive a 6-month option to purchase Alterola's remaining issued and outstanding common stock for an additional $6 million and approximately $40 million in Bright Green common stock.
As part of the strategic partnership and pursuant to the terms and subject to the conditions of the arrangement, Alterola will gain access to Bright Green's planned cannabis and cannabis extracts, derivatives, products, and research services, and Bright Green will, in turn, benefit from Alterola's established industry relationships and sector expertise. The parties believe a successful collaboration will create a strong pathway to secure, provide and supply cannabis and derivative products to the pharmaceutical industry.
The initial $4 million funding is subject to completion of initial satisfactory due diligence and other customary conditions. Closing of the additional proposed arrangement, which will be set forth in a final definitive agreement, shall be subject to several factors, including but not limited to completion of due diligence to the satisfaction of both parties, provision of cash and stock consideration in connection with the transaction, and timely approval of the arrangement by applicable securities and other regulatory authorities and the stockholders of Bright Green.
"Alterola is a natural partner for Bright Green," said Terry Rafih, Bright Green's Interim Chief Executive Officer and Chairman of the Board. "Their focus on pharmaceutical development and improved drug delivery of such compounds – coupled with a strong and experienced leadership team who have previously commercialized pharmaceutical cannabinoids – will help accelerate our operations as we continue to scale our business and solidify our unique position in the value chain."
"We are excited to partner with Bright Green in harnessing the therapeutic potential of cannabinoids and cannabinoid-like compounds," said Alterola's Interim Chief Executive Officer, Seamus McAuley. "We have been focused on developing medicines from botanical, traditional chemical synthesis, and biosynthetic methods for patients across the globe and believe Bright Green is a key strategic partner that will allow us to achieve our mutual missions of improving quality of life through these therapies."
For more information:
Bright Green 
www.brightgreen.us