In the attached release Embark Health Inc. (“Embark” or the “Company”) announced that they have entered into a binding letter of intent dated June 29, 2020 with Mesa Exploration Corp. (TSXV: MSA) (“Mesa” or the “Company”), pursuant to which Mesa and Embark intend to complete a business combination or other similarly structured transaction which will constitute a reverse take-over of Mesa (the “Transaction”). A comprehensive news release will be issued by Mesa and Embark setting out the terms of the Transaction, which shall include information about Mesa upon closing of the Transaction and the proposed financing of Embark in connection with the Transaction (the “Concurrent Financing”).
MMJ has a minority holding in Embark (refer below).
MMJ will update its investors as additional information regarding the Transaction is released to Embark shareholders.
Further detail on the operations of Embark Health may be found on the MMJ website.
MMJ was a foundation investor in Embark Health in July 2018 – the investment now comprises:
1 A Liquidity event is an initial public offering or a material sale event
2 Exercise price has based on MMJ book value of CAD2.40 per share
3 The return comprises all cash income, sale proceeds, accrued income and fair value of investment at date of calculationBack to News