Highmark Alters Share Exchange Agreement With BCBud And Blue Moon

The total consideration for the acquisition remains the same: Highmark will issue a total of 2,500,000 common shares to Blue Moon. The remaining 2,250,000 common shares to be issued upon the closing of the share exchange agreement will be subject to an escrow agreement. 250,000 common shares will be released from escrow on receipt by Highmark of a Ready to Build letter from Health Canada, confirming that the Company has approval to build a facility pursuant to the MMPR.

These common shares will be subject to a hold period of four months and one day. The remaining 2,000,000 common shares will be released from escrow on receipt by Highmark of a license to produce marijuana pursuant to the Marihuana for Medical Purposes Regulations.

The 2,000,000 shares will then be subject to a stock restriction agreement whereby the shares will be released over a three year period. BCBud cannot become a producer under the MMPR until it has been granted a license, and it is currently not known if or when BCBud will obtain a license.

To read more, visit http://finance.yahoo.com/news/highmark-amends-share-exchange-agreement-165834622.html

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