Apollon Formularies PLC (AQSE:APOL) said it expects due diligence to be completed by the end of May concerning the agreement for Global Hemp Group (GHG) to potentially buy all its assets.
The developer of medical cannabis therapeutic products said when the due diligence is concluded, it will be advised on the final decision from GHG on moving forward with drafting the final agreement.
It will make an announcement once a decision is reached.
If the parties agree to move forward to the definitive agreement, they will negotiate the final terms of the agreement, will would see GHG acquire the non-cash assets for a payment of 771,191,266 GHG common shares at a deemed price of $0.015 per GHG common share, for a total consideration of C$11,567,869.
So far, the exclusive licence agreement has been completed, the Aquis-listed company said.