/EIN News/ — Toronto, Ontario, Sept. 29, 2023 (GLOBE NEWSWIRE) — Yooma Wellness Inc. (CSE: YOOM, AQSE: YOOM) (“Yooma” or the “Company“) today announced that its wholly-owned subsidiary Yooma Europe Limited (“Yooma Europe”) has completed the sale of Birmingham-based Vitality CBD Limited (“Vitality”), a UK-focused CBD company, for a total consideration of US$2.0 million (the “Disposal”) to Psilobrain Therapeutics Inc. (“Psilobrain”). Psilobrain is a private Canadian biotech company that uses the latest in psychedelic medicine to design products that facilitate evidence-based healing & wellness. Further details regarding Psilobrain is available at www.psilobrain.com.
Details on the Disposal
The consideration payable by Psilobrain comprises US$1.0 million in cash (the “Cash Consideration”), and US$1.0 million in new shares of Psilobrain (the “Consideration Shares”). The Cash Consideration is to be paid to the Company in three instalments, with US$350,000 paid on completion, US$300,000 to be paid within 130 days of completion, and US$350,000 to be paid within 210 days of completion. The shares of Vitality that were sold are subject to a charge in favour of the Company and Yooma Europe to secure the payment and performance of Psilobrain’s obligations in respect of the Cash Consideration instalments that come due after the completion date. The consideration payable by Psilobrain is subject to customary…
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