07.09.19
Ynvisible Interactive Inc. announced that it entered into a binding Letter of Intent with Consensum Production AB, dated July 8, 2019, which sets out the basic terms and conditions pursuant to which Ynvisible will acquire 100% of the issued and outstanding shares of Consensus.
The acquisition of Consensum is the solution for the company to establish high volume roll-to-roll printing of electrochromic displays, and to further expand its production and system integration capabilities of other printed electronic components and systems.
The proposed transaction is intended to position Ynvisible as a leading provider of electrochromic printed display solutions for high volume applications. The combined entity will leverage Ynvisible's technical expertise, customer base and experienced management team.
The company will issue 3,564,474 common shares in the capital of the company at a deemed price of $0.474 CAD per Payment Share. The Payment Shares will be subject to a statutory hold period of 4 months and a day from the Closing Date as well as additional voluntary hold periods agreed to by the Consensum shareholders.
The transaction is subject to certain closing conditions, including, without limitation: the parties successfully entering into a definitive agreement on or before Aug. 15, 2019, or such other date as Ynvisible and Consensum may mutually agree; completion of due diligence to the satisfaction of each of the company and Consensum; and receipt of all requisite approvals, including of the board of directors of each party and of the TSX Venture Exchange. There can be no assurance that the transaction will be completed as proposed or at all.
In connection with the Transaction, Ynvisible has agreed to provide a secured bridge loan to Consensum of $145,000.