Toronto, Ontario–(Newsfile Corp. – August 2, 2022) – Olive Resource Capital Inc. (TSXV: OC) (“Olive” or the “Company”) is pleased to announce that it has closed the previously announced asset purchase agreement (the “Purchase Agreement”) to acquire a portfolio of assets from CannaIncome Fund Corporation (“CiF”). The portfolio consists of public equities, private equities, debt, convertible debt and warrants, having a deemed value of C$2,525,258.60. Olive is issuing 30,254,247 common shares (each a “Common Share”) in consideration for the assets, representing a deemed issue price of $0.0835 per Common Share. As per the Purchase Agreement entered into with CiF, the number of shares issued and portfolio value have been adjusted from the previously announced figures to reflect relative changes in Olive’s Net Asset Value (“NAV”) per share and in CiF’s portfolio.
Derek Macpherson, Executive Chairman and Director, stated, “We are pleased to complete the acquisition of the CiF portfolio, this is a first step to increasing our asset base. In particular, we are pleased with the non-dilutive nature of this NAV-to-NAV transaction, which we plan to use as a template for future acquisitions.”
Samuel Pelaez, President, CEO, CIO, and Director, stated, “We are adding quality assets to our portfolio, and reducing the portfolio weight of our largest holdings. We are achieving a greater diversification of our assets, and retaining exposure to near-term catalysts, both for the legacy assets and for some of the assets acquired.”
Updated Portfolio Construction
Figure 2: Olive’s Portfolio Remains >70% Resource Focused with Anticipated Near-Term Liquidity Opportunities in some Non-Resource Investments
To view an enhanced version of Figure 2, please visit:
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