Micron Waste Technologies Inc. announced that, further to its news releases on April 20, 2020, and May 19, 2020, the Company has completed the acquisition of all of the issued and outstanding shares of Covid Technologies Inc. pursuant to the terms of a share exchange agreement, effective May 18, 2020 among the Company, Covid Technologies, and the securityholders of Covid Technologies.
Pursuant to the terms of the Definitive Agreement and in consideration of the Acquisition, the Company issued to the former Covid Technologies securityholders:
- an aggregate of 16,500,000 common shares of the Company (the “Consideration Shares”) at a deemed price of $0.08 per Consideration Share; and
- an aggregate of 16,500,000 replacement warrants (the “Replacement Warrants”) exercisable into common shares in the capital of the Company for a price of $0.10 for a period up to and including April 28, 2025.
Additionally, effective upon closing of the Acquisition, Harveer Singh Sidhu was appointed to the Company’s board of directors.
Covid Technologies is preparing to deliver much needed personal protective equipment (“PPE”) by providing Canadian-made, high quality, vapour barrier technology (masks, protective garments), that provide protection from biological hazards, pathogens, and suberbugs.
Micron is a well-funded industrial/technology company with a manufacturing facility in Delta, BC. Micron is currently developing waste digesters using proprietary technology. Micron’s waste digester business is focused on the cannabis and food industry with its Cannivore, Organivore and Pharmavore waste digesters. The Company will continue its research and development of its waste digester business alongside its PPE manufacturing business.