Under the terms and conditions of the Term Sheet, AgriMarine would acquire all of the outstanding shares of West Coast Fishculture (Lois Lake) Ltd. and West Coast Fishculture Ltd. (jointly referred as “WCFC”) for cash.
The Term Sheet is subject to the successful execution of a Definitive Purchase and Sale Agreement, approvals by the TSX Venture Exchange, and other customary terms and conditions, such as satisfactory due diligence with respect to WCFC, including a valuation report, and the approvals from the Board of Directors from both companies.
The acquisition price will remain undisclosed for the time being, as it will depend on a yet-to-be-completed count of the biological inventory upon closing of the transaction.
AgriMarine has also announces that Mr Robert Leckie has replaced Mr Orest Zajcew as Chair of the Audit Committee. Mr Zajcew remains a Member of the Audit Committee however, and he retains his position as the Company’s Interim Chief Financial Officer.
