- Deveron ( OTCPK:DVRNF ) said on Wednesday that it agrees to acquire the assets of Agri-Labs, a leading soil lab and agronomy company that services Indiana, Michigan, and Ohio.
- Per the terms, it has made its initial milestone payment consisting of $420K and 750K common shares in the capital of the company at a deemed price of $0.61 per common share to Agri-Labs.
- The shares are subject to contractual resale restrictions providing that the common shares may be transferred except for few conditions given in the press release.
- Per the terms, the company may be required to make one additional milestone payment in the event that the gross revenue attributable to the Agri-Labs business for the period from March 10, 2022 to March 10, 2023 exceeds the gross EBITDA of the prior twelve month period.
- In the event, Agri-Labs shall be entitled to receive an amount equal to twenty five percent of the excess amount in cash, and such number of common shares that is equal to the EBITDA Earnout divided by the market price of the common shares on March 10, 2023.
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Deveron agrees to acquires assets of Agri-Labs