Green Growth updates terms of Spring Oaks acquisition

Green Growth Brands, Inc. (CSE: GGB) (OTCQB: GGBXF)  announced Monday that it has executed an amendment to the purchase agreement originally agreed to in June for Florida based company Spring Oaks.

The purchase price for the shares of capital stock of Spring Oaks of $54,650,000 will be satisfied via a previously paid deposit of $1,350,000, a cash payment at closing of $2,000,000, a cash payment of $3,000,000 due on August 31, 2019, the issuance of 7,133,297 common shares of GGB to Spring Oaks owners, the shares will account for $17,100,000at a price of $2.39, the issuance of 8,094,210 common shares of GGB  representing $14,000,000 at a price of $1.72 as additional consideration shares, and the issuance of a two-year convertible secured promissory note in the aggregate principal amount of $11,400,000, and the issuance of a one-year convertible secured promissory note for $5,800,000.