biOasis Technologies Inc. has announced that its wholly owned subsidiary biOasis Advanced Technologies Inc. has entered into a worldwide assignment (the "Assignment") to acquire certain Intellectual Property.
Pursuant to the Assignment, the Company will pay $25,000 in cash and will issue 350,000 warrants at an exercise price of $0.575 and 100,000 warrants at an exercise price of $0.50.
Each warrant is exercisable into one common share of the Company for a period of five years from the date of issuance.
In the event that a patent with respect to the intellectual property is issued to biOasis Advanced Technologies Inc. in either Europe or the United States of America, the Company will grant a further 300,000 warrants.
These further warrants shall be priced at the closing share price of the Company on the date of the issuance of such patent and in any case not less than $0.50 and shall be exercisable into one common share of the Company for a period of two years from date of grant.
The acquisition will be subject to certain conditions including TSX Venture Exchange approval.