Core One Labs Inc. (CNSX:COOL) entered into share purchase agreement GMP Drug Inc. for CAD 3.5 million on January 12, 2023. The acquisition was completed pursuant to a share purchase agreement among the company, GMP Drug and the shareholders of GMP Drug (the “Definitive Agreement”) dated January 13, 2022. Pursuant to the definitive agreement, and in consideration for the acquisition of GMP Drug, Core One issued 4,117,647 common shares (the “Consideration Shares”) at a deemed price of CAD 0.68 per consideration share for a total purchase price of CAD 2,800,000. In addition to the consideration shares, the existing shareholders of GMP Drug are entitled to receive a bonus of 1,029,412 common shares of Core One (the “Bonus Shares”). The bonus shares will be issuable upon successful completion of a trial production run of a psychedelic compound at the facility. In connection with the completion of the acquisition, the company has issued 82,353 shares to Amalfi Corporate Services Ltd. (the “Administrative Fee Shares”) who assisted with facilitating the acquisition and provided administrative support for its completion. The consideration shares, administrative shares and bonus shares are not subject to restrictions on resale. GMP Drug holds the rights to operate from the facility for a twelve-month term ending November 30, 2023.

Core One Labs Inc. (CNSX:COOL) completed the acquisition of GMP Drug Inc. on January 13, 2023.