Leviathan Natural Products Inc. (OTCQB:LVCNF) (CSE:EPIC) has completed the acquisition of One Cannabis Market Inc. ("OCM"). OCM is a privately-held technology company that provides solutions to consumers and businesses in dynamic markets. The company's mission is to be the industry leader in cannabis technology by innovation and value creation.
Leviathan has acquired 100% of the issued and outstanding shares of OCM in exchange for 500,000 common shares of Leviathan pursuant to a share purchase agreement dated June 9, 2022. The issued shares shall be subject to restrictions on resale or transfer that may be imposed by applicable securities laws from time to time, including without limitation under National Instrument 45-102 - Resale Restrictions.
In connection with the closing of the transaction, OCM's founder and president, Kamyar Hosseini ("Kam"), will join Leviathan as head of technology, and will help grow Leviathan's technology business. In connection with Kam's appointment, Leviathan's board of directors has authorized the issuance of 500,000 stock options in Leviathan to Kam, exercisable at CA$1.10 ($0.87) per share vesting over 2 years.
Leviathan has a total of 3.82 million stock options representing approximately 4% of the outstanding common shares of the company.
