PlantX Life Inc (CSE:VEGA) (FRA:WNT1) (OTCQB:PLTXF) has completed its acquisition of the private company, which runs the Locavore Bar & Grill restaurant in Squamish, British Columbia, marking the plant product-focused digital group's move to create a bricks and mortar flagship store.
The new 15,000 square foot (sq ft) Canadian flagship store in Squamish will offer all products currently available on www.plantx.ca, and will also be used as a training center for PlantX staff.
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PlantX brought the firm Score Enterprises Ltd, which also operates the "Cloudburst Café" and "Locavore Food Truck, for C$1.35 million in cash and shares.
"It's very exciting for us to be able to move forward with our Canadian Flagship store plans," said Julia Frank, PlantX's chief executive in a statement.
"We believe strongly in a brick-and-mortar presence to help educate those who want to learn about plant-based living, and look forward to seeing additional PlantX locations across North America and eventually around the globe."
PlantX, and its e-commerce platform, offers customers across North America more than 10,000 plant-based products, including meals. It also has plans underway to expand its product lines to include cosmetics, clothing, and its own water brand.
PlantX added that it will link this Squamish location with its planned brick-and-mortar flagship locations in San Diego, California and Tel Aviv, Israel.
"The integrated expansion efforts will help PlantX fulfill its vision of spreading health, wellness, and plant-based education to consumers in all locations and beyond as it continues in its pursuit to be the one-stop-shop for everything plant-based and a digital leader in the plant-based community," it told investors.
Also in the statement, PlantX outlined the details of the investor relations providers it has hired, which included Future Money Trends, Native Ads and AGORA Internet Relations Corp.
Each provider is an arms-length party to the company, it said, and will be used to continue the company's marketing and public awareness efforts.
PlantX will buy all the issued and outstanding shares of Score for a purchase price of C$1.45 million.
This was satisfied by issuing over 1.89 million company shares at C$0.539 per consideration share - equal to the 10-day volume-weighted average trading price of the shares up to and including the close of business on November 25, 2020.
The remaining C$327,435 was satisfied in cash.
Contact the author at giles@proactiveinvestors.com