trending Market Intelligence /marketintelligence/en/news-insights/trending/li7wHwG0wQXV5SmlC9eixw2 content esgSubNav
In This List

Altitude Resources to sell mining assets, switch to cannabis industry

Blog

Insight Weekly: US stock market downturn; Chinese bank earnings; Europe's big tech bills

Blog

Gold - Geopolitical tensions and inflation remain key drivers

Blog

Lithium and Cobalt - Softer demand weighs on prices

Blog

Insight Weekly: Ukraine war impact on mining; US bank growth slowdown; cloud computing headwinds


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.