Feel Foods announces the company has entered into an asset purchase agreement with Canpac Investments Corp. for the sale of its Langley 5.5 acre greenhouse lands. Canpac is an investment company focused on health sciences, technology and infrastructure.
Pursuant to the agreement, Canpac shall purchase the property in consideration of $1,500,000 payable in the form of the issuance of 15,000,000 common shares at a deemed price of $0.10 per share. Furthermore, along with the acquisition, Canpac has agreed to assume $912,517 in the Company’s current debt and long-term liabilities. The company has assembled debt assignment agreements, signed by creditors assigning the liabilities to Canpac.
FEEL has elected to distribute the shares in the form of a dividend to its stakeholders on a pro rata basis to shareholders of record on September 15th, 2021.
Sam Samy, CEO of Canpac, stated: “We are pleased to add this Langley greenhouse project to our portfolio. The company will look to pursue a listing on a North American stock exchange as an investment issuer to the benefit of all stakeholders.”
Robert Nygren, CEO of FEEL, stated: “The sale of the Langley greenhouse project, which has been leased, and the assignment of approximately $1.0 Million in company liabilities to Canpac will free FEEL to focus its time, attention and capital on its growing agri-holdings and plant-based foods business.”
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