RE: Updated..........26 Jul 2022 09:21
Acquisition of Citiva Jamaica LLC and Collaboration Agreement with University of West Indies
Director Loan Agreement
Apollon Formularies plc (AQSE: APOL, "Apollon" or the "Company"), a UK-based international pharmaceutical company trading on the Aquis Stock Exchange, is delighted to announce that its Jamaican affiliate, Apollon Formularies Jamaica Ltd ("Apollon Jamaica"), has reached an agreement to acquire Citiva Jamaica LLC ("Citiva Jamaica") (the "Acquisition") in a part-cash, part-shares transaction.
The Acquisition of Citiva Jamaica, originally started by Josh Stanley, Co-Founder of Charlotte's Web, gives Apollon Jamaica ownership of a world class research, cultivation, manufacturing and processing facility, affiliated with, and located in the Medical School of the University of West Indies ("UWI") campus. The Acquisition delivers on Apollon's previously stated desire to become a vertically integrated, globally recognised medical cannabis business providing treatments and medicines for various human afflictions with a specific focus on cancer.
Transaction Highlights:
• Apollon Jamaica has acquired a university-affiliated, world class research, cultivation, manufacturing, and processing facility for medical grade cannabis
• Citiva Jamaica's facilities give the Company a clear path to large scale manufacturing of high-quality medical grade, full and broad-spectrum oils with GMP certification for use in its patent protected cancer, chronic pain and inflammation treatments, including for international marketing and distribution
• Importantly, Apollon can now achieve the final approval step with the Ministry of Health and Wellness in Jamaica to distribute its patented cannabis based medical products into the Jamaican national pharmacy and dispensary network, the broader Caribbean Community ("CARICOM"), the Southern African Development Community ("SADC") as well as other targeted markets globally
• The Citiva Jamaica facility comes with a Cannabis License Authority (CLA) issued Cultivation Licence, extensive indoor cultivation facilities with cannabis cultivars currently growing and nearing harvest time, approximately 30-35 kg of processed full spectrum medical cannabis oil, and processing equipment
• Under the terms of the arrangement, Apollon Jamaica will acquire a 96% ownership of Citiva Jamaica (in stages), with UWI potentially holding 10% subject to the Company offering them an increase from 4% to 10%
• Expected to create significant revenue growth for the Company over the next 12 months
In consideration for the Acquisition, Apollon will pay US$60,000 cash as well as issue 18,465,910 new Ordinary Shares in Apollon to CJL Holdings, a US based group. The shares will be subject to a nine-month, orderly market, lock-in agreement with one third of the shares becoming unrestricted after each 3-month period from the transaction date. Following compl
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