Body and Mind Inc. BAMM BMMJ provided an update on the first amendment to the Seaside dispensary purchase agreement.
The company, though its wholly owned subsidiary, DEP Nevada, Inc., executed definitive agreements to purchase the Reef dispensary in Seaside California on November 30, 2021 and has been operating the dispensary since December 1st, 2021.
The transaction has been amended to reduce the cash purchase price from $2.5 million to $1.25 million. The company will issue $1.25 million worth of shares of the company’s common stock based on the 10-day VWAP on the ten consecutive trading days prior to June 17, 2022 being the “effective date” of the first amendment and subject to compliance with the policies of the Canadian Securities Exchange.
The company also agreed to issue additional shares of common stock equal to the difference between the amount of the shares of common stock of the company that were issued on December 3, 2021 (the “MIPA #2 Shares“) and the amount of shares of common stock that would have been issued had the 10-day VWAP for the MIPA #2 shares been calculated as of the effective date of the first amendment. Additionally, on the date that is eighteen months following the effective