Sensor Technologies Corp. (SENS) has recently updated on its proposal to acquire EmersonGrow Technology Inc., (EmersonGrow). Earlier, Sensor and EmersonGrow agreed to amend certain terms with respect to the proposed acquisition of all of the issued and outstanding securities in the capital of EmersonGrow.
Contextually, EmersonGrow is a Canadian AgTech company specializing in Digital LED Grow Lights with Integrated IOT capabilities for the Global Controlled Environment Agriculture (CEA) industry. The company’s patented hardware and software interface enables the full and independent digital control of an LED Light’s spectrum, allowing growers to create their own proprietary ‘Light Recipes’ for different plant cultivars grown in various environments.
The parties have agreed to amend the purchase price from $20 million to $15 million (the Amended Purchase Price). The Amended Purchase Price will be satisfied through the issuance of an aggregate of 100,000,000 common shares in the capital of Sensor at a deemed price of $0.15 per share. In addition, the closing of the Proposed Acquisition will be conditional on the closing of a private placement for minimum aggregate proceeds of $1 million. Sensor and EmersonGrow will agree to the terms of the proposed private placement.
Henceforth, Sensor and EmersonGrow will work towards completing their respective due diligence with the goal of executing a definitive agreement with respect to the Proposed Acquisition. The entering into of the definitive agreement will be considered a fundamental change under Policy 8 of the Canadian Securities Exchange (CSE) and, as such, will subject to all of the requirements of Policy 8 including, but not limited to, CSE and shareholder approval.