Phoenix Canada Oil Company Limited Signs Letter of Intent for Reverse Takeover Transaction with ZYUS Life Sciences Inc.

Phoenix Canada Oil Company Limited Signs Letter of Intent for Reverse Takeover Transaction with ZYUS Life Sciences Inc.
CANNANNEW REPORT

Not for Distribution to U.S. Newswire Services or for Dissemination in the United States TORONTO–(BUSINESS WIRE)–Phoenix Canada Oil Company Limited (TSX-V: PCO) (“Phoenix“) and ZYUS Life Sciences Inc. (“ZYUS” or the “Company”), a private Canadian life sciences company, together announce that they have entered into a non-binding Letter of Intent dated May 27, 2022 (the “LOI“). The LOI outlines the general terms and conditions of a proposed business combination by way of plan of arrangement (the “Arrangement”), which would result in ZYUS becoming a wholly-owned subsidiary of Phoenix and constitute a reverse takeover of Phoenix by ZYUS as defined in the policies of the TSX Venture Exchange (the “Exchange”). Completion of the Arrangement is subject to customary terms and conditions as set forth in the LOI including, but not limited to: the satisfactory completion of due diligence; the successful negotiation and execution of a definitive agreement for the Arrangement (the “Definitive Agreement“); shareholder and Exchange approvals; the performance of any closing conditions; and other conditions typical for similar transactions. Charlotte Moore Hepburn, the CEO of Phoenix, stated that, “We understand the critical clinical need for a regulated, opioid-sparing medication designed to address adult pain. In ZYUS, we are excited to have found a high potential strategic partner with an impressive scientific and patent portfolio and a program of research with transformative potential in the biomedical space. The vision and mission of ZYUS aligns with our corporate values, and we look forward to working collaboratively with ZYUS in pursuit of a favourable outcome.” “We are excited about the significant growth opportunities this transaction will enable for both companies and their shareholders,” said Brent Zettl, President and CEO of ZYUS. “Since launching ZYUS four years ago, our focus has been to use an evidence-based approach to advance the scientific understanding of cannabinoids…

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Source : Phoenix Canada Oil Company Limited Signs Letter of Intent for Reverse Takeover Transaction with ZYUS Life Sciences Inc.

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