Toronto, Ontario – Deveron Corp. (TSX-V: FARM) (“Deveron” or the “Company”), a leading agriculture data company in North America, is pleased to announce that Deveron has completed its previously-announced acquisition of a 67% equity interest (the “Acquisition”) in A&L Canada Laboratories East, Inc. (“A&L”), a leading Canadian soil health and plant tissue testing laboratory. Pursuant to the terms of the share purchase agreement entered into in connection with the Acquisition, as amended on May 10, 2022, the Company has an option to purchase the remaining 33% of A&L following the three-year anniversary of the closing of the Acquisition.
Under the terms of the Acquisition, the total consideration paid to the vendor shareholders was comprised of: (i) $37.8 million in cash; (b) $4.9 million in promissory notes; and (c) 13,688,182 common shares (“Common Shares”) in the capital of the Company at a deemed issue price of $0.55 per Common Share. Pursuant to applicable Canadian securities laws, all securities issued pursuant to the Acquisition are subject to a hold period of four months and one day, expiring on September 21, 2022. For additional information regarding the Acquisition, please refer to Deveron’s news releases dated May 2, 2022 and May 10, 2022.