[ad_1]
(Reuters) – Fieldex Exploration Inc. announced Monday the acquisition of Copeland Biosciences through a reverse takeover of the Canadian mineral exploration company by Copeland and its shareholders. Ltd (Subco) and Copeland.
A reverse takeover (RTO) is a type of merger in which private companies engage to be listed on the stock exchange without resorting to an initial public offering (IPO). Initially, the private company purchases enough shares to control a publicly traded company.
The proposed transaction will result in Copeland Biosciences combining its existence with Subco. The new entity will be a wholly owned subsidiary of Fieldex, announced the Canadian company.
Copeland Biosciences, a cannabis specialty pharmaceutical company, will also begin a private placement of subscription receipts for $ 0.30 for total gross proceeds of $ 2 million and up to $ 6 million, Fieldex added. .
At the closing of the transaction, Fieldex will be listed on the Canadian Stock Exchange and will be renamed Copeland Biosciences Corp, the mining exploration company announced.
Report by Rishika Chatterjee in Bengaluru, edited by Sherry Jacob-Phillips
Source link
