Mind Cure Health to Acquire South American Utility Company

Mind Cure will change its name to LNG Energy Group Inc.

Mind Cure Health Inc. (CSE: MCUR) (OTCQB: MCURF), a Canadian psychedelics clinical research company that announced in March that it was shutting down,  said on Tuesday that it has signed a binding letter of intent to acquire Latin American utility company LNG Energy Group Inc.

Terms of the deal were not disclosed, though a release will provide details by Dec. 31, when the two come to a definitive agreement. The deal is expected to close in the first quarter of 2023.

The board and company officers will reshuffle among existing members whenever the deal goes through, the company said.

In a statement, Mind Cure said it plans to consolidate existing share capital on a 2.4-for-1 basis and changing its name to “LNG Energy Group Inc.”

The company also said that it would draw out private placements and debt financing to allow LNG to acquire a company that “holds operating oil and gas field properties in South America.”

All outstanding securities of LNG will be exchanged for identical securities of the new entity on a post-consolidation one-for-one basis. The deal will be reviewed by the Canadian Securities Exchange before it can close.

LNG Energy plans on securing a private placement worth between $15 million-$30 million, as well drawing bank debt financing of between $65 million-$85 million.

The company also plans to utilize a nonbrokered private placement of Mind Cure shares at a price of $0.05 per share and a purchase warrant with an exercise price of at least $0.07 per warrant for total proceeds of up to $4 million worth of Mind Cure shares.

The company plans on using the private placements and the debt financing to fund working capital and acquire certain natural gas assets located in Latin America.

Adam Jackson

Adam Jackson covers the cannabis industry for The Green Market Report. He previously covered the Missouri statehouse for The Columbia Missourian and freelanced for The Missouri Independent. He most recently covered retail, restaurants, and other consumer companies for Bloomberg Business News. You can find him on Twitter @adam_sjackson and email him at adam.jackson@crain.com.


Agrify

Leave a Reply

Your email address will not be published. Required fields are marked *

Choose Your News

Subscribe to the Green Market Report newsletter that gives you original content delivered straight to your inbox.

 Subscribe

By continuing I agree to your Privacy Policy and consent to receive relevant newsletters and other email communications on events, editorial features, and special partner offers from Green Market Report. I can unsubscribe or change my email preferences at any time.


About Us

The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


READ MORE



Recent Tweets

@GreenMarketRpt – 4 days

Thanksgiving is the day do their best work. How else can you eat all day unless you can maximize the munchies?

@GreenMarketRpt – 4 days

The Daily Hit: November 23, 2022

@GreenMarketRpt – 5 days

New York Cannabis Regulators Request Lifting of Retail Injunction

Back to Top

Choose Your News

Subscribe to the Green Market Report newsletter that gives you original content delivered straight to your inbox.

 Subscribe

By continuing I agree to your Privacy Policy and consent to receive relevant newsletters and other email communications on events, editorial features, and special partner offers from Green Market Report. I can unsubscribe or change my email preferences at any time.