Cannabis
Crucial Innovations Corp. (OTC: CINV), Announces Completion of Reverse Merger with Eco Equity, Medical Cannabis operator in Zimbabwe, Africa
Las Vegas, Nevada, Oct. 26, 2022 (GLOBE NEWSWIRE) — Crucial Innovations Corp (OTC: CINV), a Nevada Company today announced that has completed its previously announced reverse merger by acquiring certain Medical Cannabis Operations in Zimbabwe, Africa from shareholders including JPD Capital PCC a Guernsey Investment fund with multiple investments in the medical cannabis sector in Africa and the U.K.
JPD Capital had agreed with CINV, to reverse its operations in Zimbabwe Africa, into CINV, these are operated via its subsidiary Eco Equity (Pty) Ltd, and the transaction has been completed with Eco Equity Pty Limited now a wholly owned subsidiary of CINV.
The reverse merger values Eco Equity for $210,000,000 USD and completed as full consideration paid in full as all stock acquisition of Eco Equity Zimbabwe (Pty) Limited with all its Medical Cannabis cultivation assets, this is at the same value placed on the business by Baker Tilly International in the original appraisal of the Zimbabwe business.
About Eco Equity Zimbabwe (Pty) Limited
ECO’s facilities in Zimbabwe will include a fully Licensed 16,500 sq. meter polytunnel greenhouse, a 450 sq. meter R&D facility for genetics research and an onsite pumphouse provides adequate power to service all operations; the company is also preparing to build a GACP/EU-GMP certified, state-of-the-art, fully computerized 20,800 sq. meter glass greenhouse. The cultivation site is 24,000 sq. meters, and a 14,000 sq. meter post-harvest facility houses extraction-equipment and packaging machines. ECO will operate at a forecast annual production rate of 15,470 Kg of high-THC cannabis flower and 1,591 Kg of distillate oil; Management expects to continue scaling the ECO operation to meet growing demand and ECO expects to announce its first production sales by 3rd Quarter of 2023 and project that it will be cash flow positive in 2024.
The completion of the reverse takeover of CINV by Eco Equity Zimbabwe means Eco Equity Pty Limited Zimbabwe is now a wholly owned subsidiary of the publicly traded company CINV.
“This is an important milestone in the evolution of Eco Equity and the increasingly global cannabis industry,” said JP Doran, JPD’s co-founder and chief executive. “We will be the first Africa only cannabis producer to be publicly traded on the USA Markets, for nearly three years we have been at the leading edge of the medical cannabis industry, putting ourselves in a potentially dominant position through our low-cost production model and focus on genetics of Cannabinoids for Medical Purposes.
“The reverse merger gives us the opportunity to accelerate our growth trajectory and will enable us to cement our position as one of the most progressive Cannabis companies globally.
“We had an obligation to our investors, and I’m delighted we have executed on this transaction providing a successful liquidity event and giving our investor huge scope for further upside.
As part of the original merger Agreement CINV, has agreed to undertake private placement offering pursuant to regulation D 506 in the USA and to foreign investors under Regulation S, to raise $25,000,000 at $5.00 per share, the placement will be available only to accredited investors immediately after the completion of the reverse Merger. The company intends to follow this initial equity capital raise with a $65,000,000 REG A offering in first quarter of 2023, subject to all required regulatory filings.
The completion of the reverse merger is subject to certain conditions including CINV, filing its September 30 10 Q and being current in its SEC Filings and Eco Equity Zimbabwe (Pty) Limited delivering its Audited financial Statements for the 2021 year end.
Safe Harbor Statement: This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934; and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and as such are by definition subject to risks and uncertainties
Contact:
Jon Paul Doran, CEO
Email: [email protected]
Source: Crucial Innovations Corp
Authorized by Jon Paul Doran, CEO
For more information see www.eco-equity.com
Cannabis
Sannabis, Inc. (OTC: USPS) Unveils Innovative NO LICK! Terpene Spray for Cannabis Products to Enhance CBD and THC to Achieve the Entourage Effect
Cannabis
Cannabis Concentrate Market to Cross US$2.4 Billion by 2030 amid Rising Medical and Recreational Demand
Cannabis
Right on Brands Announces Major Product Line Expansion via HONEY® Brands
-
StickIt2 weeks ago
StickIt Technologies Inc. Announces Year-End 2023 Financial Results
-
Cannabis2 weeks ago
Hemp, Inc. Welcomes USDA Approval of GMO Hemp Strain – A Step Forward in Cannabis Biotechnology
-
Cannabis1 week ago
Right On Brands, Inc. Continues Rollout, Announces 13th Store Opening
-
Cannabis2 weeks ago
IM Cannabis and Flora Growth Partner to Bring Vessel Cannabis Accessories to the Israeli Market
-
Cannabis1 week ago
Avicanna Announces Completion of Topical Gel Observational Real-World Evidence Study
-
Cannabis1 week ago
Geopulse Exploration, Inc. Acquires 50% of ATC Services
-
Cannabis2 weeks ago
Tilray Brands, Inc. Reports Q3 Fiscal 2024 Financial Results
-
transfer4 days ago
IMC to transfer its Oranim Pharmacy shares back to the seller