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WeedMD completes Starseed buy, receives C$25M investment from pension fund

WeedMD Inc. completed its acquisition of Starseed Holdings Inc. and received C$25 million as direct equity investment from the Labourers' Pension Fund of Central and Eastern Canada.

There will be a special meeting of WeedMD shareholders related to the strategic investment and final issue price of each subscription receipt under the LPF private placement, scheduled for Feb. 4, 2020, WeedMD said in a Dec. 23 press release.

As the deal closes, WeedMD will issue 71.8 million shares to Starseed shareholders, after which WeedMD will hold 62% of the combined company, while Starseed shareholders excluding LPF will own an 18% stake and LPF a 19.9% stake, on a fully diluted basis.

Once WeedMD obtains shareholder approval for the strategic investment, pro forma ownership in the combined company will be: 55% for WeedMD shareholders, 16% for Starseed shareholders excluding LPF and 29% for LPF on a fully diluted basis.