VANC Pharmaceuticals Inc. is acquiring HealthTab Inc., a point-of-care testing platform that allows patients to monitor key biomarkers such as cholesterol and blood sugar.
VANC will pay HealthTab's vendors a cash consideration of C$200,000 at closing, of which C$100,000 will be paid as a deposit upon execution of the agreement and the balance to be paid in six equal installments after deal closing.
VANC also agreed to issue to the vendors an aggregate 2.67 million VANC common shares, payable in about three equal tranches following closing.
VANC could pay the vendors an additional share consideration based on its 2018 and 2019 net sales, subject to a minimum payment of $100,000 in common shares.
HealthTab co-founder and CEO Rodger Seccombe will remain on a consulting basis to manage new system development and to select VANC pharmacy partner locations. He will also be named to VANC's board at deal closing or as soon thereafter.
Completion of the acquisition is subject to TSX Venture Exchange approval.
