Sensor Technologies (CSE:SENS) proceeding with acquisition of EmersonGrow Technology Inc.
Sensor Technologies Corp. (SENS) is pleased to announce that it is proceeding with the acquisition of EmersonGrow Technology Inc.
Further to Sensor's press release dated January 20, 2020, Sensor offered to acquire all of the issued and outstanding securities in the capital of EmersonGrow for an aggregate purchase price of $20 million.
The purchase price will be satisfied through the issuance of an aggregate of 133,333,333 common shares in the capital of Sensor at a deemed price of $0.15 per share.
EmersonGrow is a high-tech Canadian lighting company specializing in LED grow lights for indoor growing and urban vertical farming.
Sensor anticipates the parties executing a definitive agreement within the next few weeks.
Sensor's due diligence of EmersonGrow has taken longer than expected due to the various restrictions imposed by governmental bodies in relation to the COVID-19 pandemic.
The entering into of the definitive agreement will be considered a fundamental change under Policy 8 of the Canadian Securities Exchange and, as such, will be subject to all of the requirements of Policy 8 including, but not limited to, CSE and shareholder approval.
Sensor develops non-intrusive asset health monitoring sensor systems for the oil and gas market to help operators track the thinning of pipelines and refinery vessels due to corrosion, strain due to bending or buckling and process pressure and temperature.
Sensor Technologies Corp. is up 33.33 per cent to C$0.06 per share.