NanoSphere Signs LOI for 100% Acquisition by Corazon Gold Corp (TSX Venture: CGW)
We are pleased to announce that we have signed a Letter of Intent dated December 22, 2016, with Corazon Gold Corp. (TSX VENTURE: CGW) for 100% acquisition of NanoSphere’s issued and outstanding shares.
The LOI contemplates a three-way amalgamation, pursuant to which NanoSphere will become a wholly-owned subsidiary of Corazon, in which Corazon will change its name to NanoSphere Health Sciences, Inc. Upon completion of the transaction, Corazon will also complete a financing of up to C$9,000,000 and NanoSphere will receive 56% ownership.
“This compelling transaction will delivery significant and immediate value to our company and will provide new opportunities for NanoSphere as part of a larger, more diversified company,” said David Sutton, President and Chief Operating Officer of NanoSphere Health Sciences. "This will bring NanoSphere and Corazon’s strengths together to accelerate innovation in this space. We look forward to working together to bring our patent-pending NanoSphere Delivery System™ to consumers worldwide."
The timing of the announcement also coincides with the launch of NanoSphere’s new cannabis-based line of products called Evolve. Evolve’s cannabinoid products are uniquely designed to be administered intra-orally, intra-nasally and transdermally in precision, dose-metered dispensers. The convenient-to-use liquid NanoGels bypass the GI tract and avoid 1st pass liver metabolism. NanoSphere’s dynamic membrane structure efficiently transports cannabinoids into the circulatory system and across the cell membranes to bind endocannabinoid and synergistic receptors.
NanoSphere Health Sciences plans on launching its patent-pending products this spring in Colorado for the recreational and medical cannabis markets with advanced intra-oral and transdermal formulas.