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Dec. 31, 2020, 3:24 p.m. EST

InvestorNewsBreaks - Canopy Rivers Inc. (CA: RIV)(US: CNPOF) Sells Interest in Italy-Based Canapar

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    RIV Capital Inc. (RIV)
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/zigman2/quotes/214109402/delayed CA:RIV -10.09% /zigman2/quotes/201002551/composite CNPOF -11.21%

Dec 31, 2020 (NetworkNewsWire via COMTEX) -- Canopy Rivers , through its wholly owned subsidiary, Canopy Rivers Corporation, on Wednesday announced its entry into a definitive share purchase agreement. Under the agreement, effective as of Dec. 30, 2020, with RAMM Pharma Corp. /zigman2/quotes/214918343/delayed CA:RAMM +11.24% , Canopy Rivers has sold its 49% common equity interest in Canapar Corp. to RAMM for consideration of up to $9.0 million. On closing, RAMM delivered a cash payment of $7.0 million to Canopy Rivers to purchase its 29,833,333 common shares in Canapar. The transaction also includes contingent consideration of $2.0 million, to be paid upon achievement of certain operational milestones and satisfied, at RAMM's sole discretion, in either cash or through the issuance of common shares in RAMM to Canopy Rivers. "The divestment of our equity interest in Canapar represents an important reallocation of capital as we adjust our go-forward investment strategy," said Narbe Alexandrian, president and CEO of Canopy Rivers. "We thank Canapar for their work and partnership. As Canopy Rivers turns a new page, however, it's important to narrow our focus and recalibrate our capital deployment and exposure to better align with our new strategic direction."

To view the full press releases, visit https://ibn.fm/hkeZX and https://ibn.fm/IUdMl

About Canopy Rivers Inc.

Canopy Rivers is a venture capital firm specializing in cannabis with a portfolio of 17 companies across various segments of the cannabis value chain. The company believes that bringing together people, capital and ideas raises the potential of the entire cannabis industry. By leveraging industry insights, in-house expertise and thesis-driven approach to investing, Canopy Rivers aims to provide shareholders exposure to specialized and disruptive cannabis companies. Canopy Rivers' mission is to invest in innovators across the cannabis value chain, help them grow, and ultimately create value by guiding these companies towards a monetization event. Together with its portfolio, the company is helping build the cannabis industry of tomorrow, today. For more information, visit www.CanopyRivers.com .

NOTE TO INVESTORS: The latest news and updates relating to CNPOF are available in the company's newsroom at http://ibn.fm/CNPOF

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COMTEX_377060044/2557/2020-12-31T15:24:21

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/zigman2/quotes/214109402/delayed
CA : Canada: Toronto
$ 3.03
-0.34 -10.09%
Volume: 542,206
Feb. 26, 2021 10:40p
P/E Ratio
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Market Cap
$580.51 million
Rev. per Employee
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/zigman2/quotes/201002551/composite
US : U.S.: OTC
$ 2.38
-0.30 -11.21%
Volume: 99,143
Feb. 26, 2021 3:59p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$458.54 million
Rev. per Employee
N/A
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/zigman2/quotes/214918343/delayed
CA : Canadian Securities Exchange
$ 0.99
+0.10 +11.24%
Volume: 2.95M
Feb. 26, 2021 3:36p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$98.73 million
Rev. per Employee
N/A
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