Southbridge Resources Corp. (“Southbridge”) is pleased to announce that it has entered into a letter agreement to conduct a due diligence review of the proposed business of Vodis Innovative Pharmaceuticals Inc. (“VODIS”). VODIS has made an application to Health Canada to become a Licensed Producer under the Marihuana for Medical Purposes Regulation (“MMPR”) and intends to acquire all of the operating assets of 934145 BC Ltd. (“BC Ltd”) which is currently in production under the previous Health Canada regulations.
Southbridge has agreed to loan an initial $250,000 to VODIS as it continues the application process. Southbridge will conduct a due diligence review of the business of VODIS and has the right to acquire the business of VODIS, subject to the successful outcome of the review. The initial review is expected to take up to 5 days at which time the Company may exercise its right to acquire the business by advancing funds to VODIS and will then initiate the preparation of formal documentation to acquire VODIS and the assets of BC Ltd.
In order to meet its initial funding obligations the Company will issue not less than 2,500,000 common shares at $0.10 per share on a non-brokered private placement basis to raise the initial $250,000. A finders fee of 8% of the funds raised is payable in cash or shares.
On Behalf of the Board of Directors,
Southbridge Resources Corp.
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
- Page 1 of 70