Halo Labs Inc. HALO AGEEF agreed to acquire all of Precisa Medical Instruments Corp.'s common shares for CA$3.75 million, at a price of 28 cents a share.
Halo plans to fund the Prescia-owned vape product Accu-Dab by investing $1.2 million.
A wholly owned subsidiary, Halo Accu-Dab Holdings Inc., plans to acquire all of Prescia's common shares, giving the company a total of 13,392,857. Prescia will fall under the Halo umbrella as a subsidiary of the wholly owned subsidiary.
"Now, we are developing the Accu-Dab to allow more generalized consumption through sublingual application of CBD and THC for those who are averse to vaporizing and want a discrete and accurate consumption method," Halo CEO and Co-founder Kiran Sidhu said in a statement.
The purchase and concurrent funding are slated to close in early January.
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