Company name: PhyeinMed
Description: A commencement license awaiting medical company in Canada intended to grow and sell medical marijuana.
Industry: Healthcare | Group: Healthcare Services | Code:
State: British Columbia
Start up capital raised (USD Million):
Business status: Generating Revenue
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Financing Status: Estek Ventures sold a 25% minority stake in the company to Umbral Energy (CSE: UMB) for an undisclosed amount on August 21, 2017. The acquisition will enable the acquirer to expand its portfolio of medical centers in Canada. Umbral Energy paid a total of $100,000; issued 7,000,000 common shares in the capital of Umbral Energy at closing. Such shares are subject to a four month hold period under applicable securities laws expiring on December 19, 2017, and are also subject to a voluntary escrow period pursuant to which 10% of the shares were released immediately and an additional 15% of the shares will be released every six months from the closing date; will issue an additional 4,000,000 shares upon final award of an ACMPR production license; granted 2,000,000 stock options to Senger to acquire up to 2,000,000 shares at an exercise price of $0.10 per share; awarded to Senger 2,400,000 restricted stock units to Senger and an additional 1,600,000 RSU’s to other eligible recipients; and committed up to an additional $3,000,000 to fund PhyeinMed’s efforts in the medical marijuana business.
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Profile last updated: 08-Sep-2018
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