Acquiring Company
Suite Studios
Acquired Company
Pharmacy
BoulderInformation TechnologyDescription
Mednow Inc. (“Mednow'' or the “Company”) (TSXV:MNOW), Canada’s on-demand virtual pharmacy, is pleased to announce the Company has completed the acquisition (the "Acquisition"), previously announced on March 7, 2022, of all of the issued and outstanding voting shares of Mednow Pharmacy Inc. (“Mednow East”), for an aggregate cash payment of approximately C$65,578 and the Company’s agreement to convert approximately C$1,374,422 owed by Mednow East to the Company pursuant to a pharmacy agreement dated September 15, 2020, as amended October 30, 2020 (the “Pharmacy Agreement”) into a non-interest bearing on-demand convertible promissory note (the “Note”). At the sole discretion of the Company, the Note can be satisfied by the payment of cash or the issuance of 2,095 Class A Special Shares of Mednow East at a deemed price of $655.78 per share. Mednow East’s revenue and expenses will be consolidated with those of the Company and the Pharmacy Agreement between the two parties will be terminated