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Altitude Resources to sell mining assets, switch to cannabis industry

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Altitude Resources to sell mining assets, switch to cannabis industry

Altitude Resources Inc. extended the completion date of its reverse takeover agreement with private integrated cannabis company Vibe Bioscience Corp. to Feb. 28, 2019, from Dec. 31.

The companies also reduced the share exchange ratio, and Vibe shareholders will now receive 6.8830 Altitude shares for each share held.

Vibe shareholders will hold about 97.59% of the combined company, and Altitude shareholders will own about 2.41%.

The company said Dec. 19 that it will hold a special meeting of its shareholders Jan. 24, 2019, to vote on the merger.

Following the transaction, Altitude's existing directors and officers will resign, and it expects to change its name to Vibe Bioscience Corp.

Altitude agreed to sell all of its mining assets and liabilities to Noir Resources Ltd. for C$160,000 in cash as well as net proceeds from the subsequent sale of the Palisades coal project in Alberta and the capital of Atrum Coal Ltd.

The transaction with Vibe is conditional on Altitude disposing of all of its mining assets and liabilities.