CardioGenics Holdings Inc (OTCPK:CGNH) entered into a non-binding letter of intent to acquire substantially all of the assets of Plasticap Inc. on August 10, 2015. Under the terms of the agreement, CardioGenics Holdings will issue 10 million preferred stock, which shall be convertible into shares of CardioGenics common stock for a price of not less than $1 per share, CardioGenics Holdings also issue 20 million common shares and 10 million warrants shall be exercisable on a “cashless” basis for an exercise price of not less than $0.5 per share. In addition, CardioGenics will assume of $3 million in outstanding debt of Plasticap, assume first mortgage on the premises owned by Plasticap and located at 177 Crosby Avenue, Richmond Hill, Ontario, Canada, in the amount of $2.6 million which premises currently serve as Plasticap's manufacturing and office facilities and assume first mortgage on the industrial condominium complex owned by Plasticap and located at 166 Newkirk Avenue, Richmond Hill, Ontario, Canada, in the amount of $6.7 million. The transaction is subject to entering into definitive agreements for the acquisition. On October 15, 2015, CardioGenics and Plasticap entered into a letter agreement further amending the letter of intent so as to extend the voluntary termination date from October 15, 2015 to November 2, 2015. CardioGenics Holdings Inc (OTCPK:CGNH) entered into a definitive asset purchase agreement to acquire substantially all of the assets of Plasticap Inc. on November 2, 2015.

CardioGenics Holdings Inc (OTCPK:CGNH) completed the acquisition of substantially all of the assets of Plasticap Inc. on November 2, 2015.