Benziga: "Global Psychedelics Company Silo Wellness Acquires Dyscovry Science, Including Access To Its Gov Collaborations"
September 27, 2022
According to information procured exclusively by Benzinga ahead of an official announcement, global psychedelics company Silo Wellness Inc. is acquiring Dyscovry Science Ltd., a Toronto-based biotech company focused on biosynthetic manufacturing of psilocybin and its derivatives targeting irritable bowel syndrome.
Per terms of the deal, Silo will acquire 100% of the issued and outstanding shares of Dyscovry in exchange for 12,762,325 common shares in the capital of Silo, representing a total of 49% of the issued shares post-closing of the transaction. The payment shares issued to Dyscovry will be subject to restrictions on resale for a period of 36 months from the closing of the acquisition and will be released on a schedule consistent with the release schedule for an “emerging issuer” prescribed by section 4.3 of National Policy 46-201- Escrow for Initial Public Offerings.
Once the transaction is closed, Dyscovry will have the right to immediately nominate one director to Silo’s board of directors. In turn, Silo will pay approximately CAD$120,000 of Dyscovry founder’s debt in twelve equal monthly installments … [READ MORE]