According to information procured exclusively by Benzinga ahead of an official announcement, global psychedelics company Silo Wellness Inc. (OTCQB:SILFF) (CSE:SILO) (FSE: 3K7A) is acquiring Dyscovry Science Ltd., a Toronto-based biotech company focused on biosynthetic manufacturing of psilocybin and its derivatives targeting irritable bowel syndrome.
Per terms of the deal, Silo will acquire 100% of the issued and outstanding shares of Dyscovry in exchange for 12,762,325 common shares in the capital of Silo, representing a total of 49% of the issued shares post-closing of the transaction. The payment shares issued to Dyscovry will be subject to restrictions on resale for a period of 36 months from the closing of the acquisition and will be released on a schedule consistent with the release schedule for an “emerging issuer” prescribed by section 4.3 of National Policy 46-201- Escrow for Initial Public Offerings.
