Tower One Announces Closing of Definitive Agreement for Acquisition of Remaining Shares in Evotech and Settlement of Claims
Tower One Wireless Corp. (CSE: TO, OTCQB: TOWTF) has successfully closed a Definitive Agreement to acquire additional shares of its subsidiary, Evolution Technology SA (Evotech), from a minority shareholder.
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Rhea-AI Summary
Tower One Wireless Corp. (CSE: TO, OTCQB: TOWTF) has successfully closed a Definitive Agreement to acquire additional shares of its subsidiary, Evolution Technology SA (Evotech), from a minority shareholder. This agreement involved a cash payment of US$30,000 and the issuance of 6,300,000 common shares at a deemed price of C$0.07875, totaling proceeds of C$496,125. These shares are subject to a statutory hold period. Tower One focuses on building and operating wireless telecommunications infrastructure in Latin America, catering to mobile network operators.
Positive
- Acquisition increases ownership in Evotech, enhancing strategic control.
- Cash and shares issued provide capital for future growth.
Negative
- Issuance of 6,300,000 shares may dilute existing shareholder equity.
Details
News Market Reaction – TOWTF
The recorded move for TOWTF in the trading session of this news was -2.50%.
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VANCOUVER, British Columbia, June 25, 2021 (GLOBE NEWSWIRE) -- TOWER ONE WIRELESS CORP. (CSE: TO) (OTCQB: TOWTF) (Frankfurt: 1P3N) (“Tower One” or the “Company”) announces that the Company has closed an acquisition and settlement agreement (the “Definitive Agreement”) for the purchase from a minority shareholder of shares of the Company’s subsidiary Evolution Technology SA (“Evotech”) which were not already held by the Company and for settlement of claims, previous services, and indemnities provided to the Company and/or Evotech.
In consideration for the closing of the Definitive Agreement, the Company paid US
The shares issued upon closing of the transaction are subject to a statutory hold period of four months and one day from the date of issuance.
About Tower One
Tower One’s principal business is to build, own and operate multi-tenant wireless telecommunications infrastructure (“towers”) in Latin America. Tower One leases space on its towers to mobile network operators. The Company is focused on the build to suit tower industry whereby a long-term lease is secured with a tenant prior to building a tower. The Company operates in the three largest Spanish speaking countries in Latin America (Colombia, Mexico and Argentina) with a combined population of approximately 220 million people.
| Contact Information: | |
| Corporate Communications | |
| Tel: | +1 917 546 3016 |
| E-mail: | info@toweronewireless.com |
| Website: | www.toweronewireless.com |
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release.
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