Unprescribed, LLC cancelled the acquisition of Vican Resources, Inc in a reverse merger transaction.
December 30, 2017
Share
Unprescribed, LLC entered into an agreement to acquire Vican Resources, Inc (OTCPK:VCAN) in a reverse merger transaction on April 11, 2017. As per the terms of the agreement, Vican Resources will issue 25 million shares of the common stock. As per the terms of the agreement, Ian Jenkins has agreed to cancel 1.83 million shares of Class B common stock and 100 shares of Series A preferred stock of Vican Resources. On completion, Unprescribed, LLC will own approximately 75% of the consolidated issued and outstanding capital stock of Vican Resources. On completion, Gregory Mongean and Christopher Dean, the shareholders of Unprescribed, LLC will become the officers and Directors of Vican Resources. The transaction was amended on October 25, 2017, according to which Vican in addition to the share exchange with Unprescribed, shall also exchange shares for membership interests in Cornerstone Medical Center LLC, an affiliate of Unprescribed and the members of Cornerstone. At closing, Vican will acquire the outstanding membership interests of Unprescribed and Cornerstone held by the members for an aggregate of 25 million shares of common stock of Vican. The share exchange agreement automatically terminates if the closing of the transactions contemplated thereby shall not have occurred by June 30, 2017. The parties are finalizing the terms of the transaction, and have agreed to extend the termination date of the share exchange agreement from June 30, 2017, until August 31, 2017. As of October 26, 2017, the termination date has been extended from August 31, 2017 to December 31, 2017.
The deal is subject to consummation of due diligence, resignation of officers and Directors of Vican Resources, cancellation of 1.83 million series B common stock and 100 Series A preferred stock of Vican Resources and delivery of audited financial statements for the fiscal years ended December 31, 2015, and 2016 by Vican Resources.
Unprescribed, LLC cancelled the acquisition of Vican Resources, Inc (OTCPK:VCAN) in a reverse merger transaction on December 31, 2017.
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