Hempalta Corp. completed the acquisition of 50.1% stake in Hemp Carbon Standard Inc. from Climafi Limited.
Hempalta Corp. (TSXV:HEMP) completed the acquisition of 50.1% stake in Hemp Carbon Standard Inc. from Climafi Limited on May 1, 2024. Pursuant to the terms of the SPA, Climafi received: (i) a one-time cash payment of CAD 0.04million; and (ii) an aggregate of 12,500,000 common shares of Hempalta ("Shares"), issued at a deemed price of CAD 0.16 per Share. No finders' fees were paid in connection with the transaction. In connection with the closing of the transaction the shares will be issued to Climafi and its shareholders. The completion of the Transaction marks a significant milestone in HEMPALTA's focus on sustainable business practices and provides the Company with an additional revenue stream to its consumer packaged goods and commercial products divisions.