Spyder Announces Proposed Acquisition of Development Permit and Lease
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Vaughan, Ontario, August 29, 2019- Spyder Cannabis Inc. (TSXV: SPDR) ("Spyder" or the "Company"), an established Ontario retail operator, is pleased to announced it has entered into a purchase agreement (the �Agreement�) with an arm�s length third party (the �Vendor�) to acquire the Vendor�s interest in a development permit issued by the City of Calgary for the operation of a retail cannabis store (the �Development Permit�) and an assignment of the leased attached to such Development Permit (the �Lease Assignment�; together with the Development Permit, the �DP Assets�).
Pursuant to the Agreement, the purchase price for the DP Assets will be $175,000, which will be payable through the issuance of 3,000,000 common shares of Spyder (�Spyder Shares�) at a deemed price of $0.0583 per share. The closing of the transactions contemplated by the Agreement is subject to the satisfaction of a number of conditions, including, but not limited to, receipt of all required regulatory approvals including the approval of the TSX Venture Exchange, the Company�s satisfaction of its due diligence results, inspections and investigations and obtaining landlord�s consent to the Lease Assignment.