Advitech completes C$4.5 million merger of its operations with Botaneco and closes C$2.5 million equity financing
November 20, 2009
7.00 Million CAD
On October 21, 2009, Advitech Inc. completed the acquisition of Botaneco Specialty Ingredients Inc. from SemBioSys Genetics, Inc., a biotechnology company, and Avrio Ventures Management Corporation, a venture capital firm. The company acquired Botaneco for a purchase consideration of approximately C$4.5 million.
The acquisition enables Advitech to expand into new markets through the addition of products and distribution channels.
On November 26, 2009, Advitech announced that, further to the consolidation of its common shares on a 8-for-1 basis (the "Consolidation"), the TSX Venture Exchange Inc. (the "TSX-V") has approved the release from escrow of the previously announced acquisition of all the issued and outstanding shares of Botaneco held by Avrio and SemBioSys (the "Transaction"), an equity financing in the amount of C
Advitech, headquartered in San Antonio, Texas, is a health sciences and technology company with a mission to discover and commercialize proprietary and evidence-based natural health products.
Botaneco, haedquartered in Calgary, Alberta, is the global developer and marketer of innovative Oleosome-based ingredients to the personal care and OTC topical markets.
McCarthy Tétrault LLP represented Advitech, as acquiror, with a team led by Philippe Leclerc.